This week, H.E. Bruno Jean-Richard Itoua, the Republic of Congo’s Minister of Hydrocarbons and the 2022 President for the Organization of Petroleum Exporting Countries (OPEC), led the oil cartel’s first in-person meeting since the onset of the COVID-19 pandemic.
Held in Vienna on Wednesday October 5, the meeting saw a number of decisions made that are set to create increased market stability in Africa.
For his part, H.E. Bruno Itoua has and continues to demonstrate unwavering commitment to ushering in a new era of market stability in the continent.
While the COVID-19 pandemic brought in significant market disruptions, new challenges introduced by the Russia-Ukraine conflict have resulted in price volatility worldwide. Now, with fears of a global economic recession, oil prices have dropped to approximately $90 from $120 seen three months ago.
To mitigate these challenges and ensure improved stability in the market, OPEC made the decision to reduce production by two million barrels per day, and with the decision, oil prices are expected to see a much-needed recovery.
“Right now, what Africa needs is increased stability, not market volatility. The OPEC meeting this week led by Bruno Itoua has resulted in the stability the continent needs as well as an increase in oil prices.
“For everyday people, the decisions made during this meeting will be key,” said NJ Ayuk, Executive Chairman of the African Energy Chamber, adding that, “It is great to see Minister Itoua working so closely with both national and international oil companies to create a stable oil market in Africa.”
Leading OPEC, Bruno Itoua has shown his steadfast commitment to working with a variety of stakeholders under a common goal of stabilizing markets and making energy poverty history in Africa by 2030.
Following the decision to cut production, Bruno Itoua is expected to hold discussions with producers on how the cartel can leverage market stability to create more jobs and provide new services across the African energy market.
For everyday people, market stability will be key for ensuring strong and stable socioeconomic growth in the aftermath of the COVID-19 pandemic.