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Congo becomes 15th member of OPEC

The Ministry of Hydrocarbons for the Republic of the Congo has announced that the country has become the fifteenth member of the Organization for Petroleum Exporting Countries (OPEC)

Published

6 years ago

June 25, 2018

Africa News Watch

The Ministry of Hydrocarbons for the Republic of the Congo has announced that the country has become the fifteenth member of the Organization for Petroleum Exporting Countries (OPEC).

The country’s membership was concluded during the 174th Ordinary Meeting of OPEC.

Membership in OPEC now gives the Republic of the Congo a voice in a powerful organization committed to balancing the global economy and maintaining a secure and dependable supply of petroleum to consumers.
OPEC is responsible for about 40 percent of the world’s oil production and more than 80 percent of established oil reserves.

“The Republic of the Congo is thrilled and honored to be joining OPEC and to do our part to preserve an equilibrium in global oil markets and ensuring a sufficient flow of investments into hydrocarbons,” said H.E. Jean-Marc Thystère-Tchicaya, the Minister of Hydrocarbons. “Severe oil market downturns like the one the world experienced recently remind us of the essential role that institutions like OPEC in ensuring stability. We are proud to cooperate with the world’s oil leaders.”

In 2017, the Republic of the Congo was amongst 11 non-member countries that joined OPEC in historic production cuts of 1.8 million barrels of oil per day.

The so-called Declaration of Cooperation was widely regarded as successful in restoring the vitality of global oil markets and Brent oil prices reaching their highest level this year since 2014.

The Ministry of Hydrocarbons wishes to thank H.E. Mohammed Sanusi Barkindo, the Secretary of General of OPEC, and all the members of OPEC for accepting the country’s membership.

Related Topics:Congo Congo joins OPEC OPEC

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Moroccan annual inflation rises to 0.8% in November

Published

18 minutes ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”