This week, H. E. Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo and 2022 President of the Organization of the Petroleum Exporting Countries (OPEC), led the oil cartel’s first face-to-face assembly since the start of the COVID-19 pandemic. Held in Vienna on Wednesday, October 5, the assembly saw a series of decisions taken that create greater market stability in Africa.
For its part, H. E. Bruno Itoua has demonstrated and continues to demonstrate its commitment to ushering in a new era of market stability for Africa. While the COVID-19 pandemic has led to major market disruptions, the new difficult situations brought on by the Russian-Ukrainian shock have led to value volatility. all over the world. Now, with fears of a global economic downturn, oil values have fallen to around $90 from $120 3 months ago. Barrels consistent with the day, and with this resolution, oil values enjoy a much-needed recovery.
“Right now, what Africa wants is more stability, not market volatility. This week’s OPEC meeting led by Bruno Itoua resulted in the stability the continent desires, as well as higher oil values. For the people, the decisions that are made at this meeting will be critical,” said NJ Ayuk, Executive Chairman of the African Energy Chamber, adding that “it is wonderful to see Minister Itoua working so intensively with domestic and foreign oil corporations to create a strong oil market in Africa. Since the beginning of the COVID-19 pandemic, the world has faced significant demanding situations that have created constantly fluctuating markets and price volatility for consumers. Now, with Bruno Itoua at the forefront of the search for stability, consumers expect more consistency and predictability in the oil market.
At the helm of OPEC, Bruno Itoua has demonstrated his unwavering commitment to working with a variety of actors on a common purpose of stabilizing markets and eliminating energy poverty in Africa by 2030. Following the resolution to decrease production, Itoua is expected to interact in discussions with manufacturers about how the cartel can take advantage of market stability to create more jobs and supply new facilities in the African energy market. For citizens, market stability will be key to ensuring a strong and robust socio-economic expansion after the COVID-19 pandemic.
The discussions at this week’s OPEC assembly serve as a prelude to the talks, assemblies and agreement signing sessions that will take place at Africa’s premier oil and fuel event, Africa Energy Week (AEW), which will take place from October 18 to 21 this year. Year in Cabo. Al bringing together African power leaders, global financiers and players in the global oil and fuel space, AEW 2022 is expected to bring about further expansion in the continental energy market position, and the stability of the market position brought through OPEC this week will continue this agenda.
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Africa Energy Week (AEW) 2022: AEW 2022 is AEC’s annual conference, exhibition and networking occasion. AEW 2022 brings together African energy stakeholders with foreign investors and partners to drive industry expansion and progress and promote Africa as an energy investment destination. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights, in addition to Equatorial Guinea and Nigeria, have partnered with AEW, reinforcing the role the occasion will play in Africa’s energy future.
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