Do you know what happened in Vienna on 3 June 2023 that affects the price of oil and gas in our country? The 186th OPEC Ministerial Conference, a big meeting of the world’s top oil producers, took place there. We joined OPEC in 2018 and we are Africa’s third largest oil producer. We have a lot of oil and gas under our land and sea, but we haven’t used all of it yet. The important meeting was attended by:
- Congo's Minister of Hydrocarbons HE Bruno Jean-Richard Itoua
- Libya's Minister of Oil and Gas HE Mohamed Oun
- Saudi Arabia's Minister of Energy Prince Abdul Aziz Bin Salman
- Secretary General of OPEC HE Haitham Al Ghais
- and other representatives from major oil producers and consumers
The decision of the 35th OPEC and non-OPEC Ministerial Meeting, held on the next day, adjusted the amount of crude oil they make for the whole year of 2024, starting from 1 January. Russia’s amount was set at 9.828 million barrels per day, based on how much oil they made in February 2023. However, this amount may change by June 2023, because Russia is checking its production figures with other sources. This agreement will help to stabilize prices, which had fallen in recent months as the world economy slowed down.







