Organization of Petroleum Exporting Countries (OPEC) President Bruno Jean-Richard Itoua Leads First In-Person OPEC Meeting Since COVID-19 – African Business

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. The meeting, which was held in Vienna on Wednesday October 5, saw several decisions taken that are expected to increase market stability for Africa.

H.E. Bruno Itoua has demonstrated and will continue to demonstrate his determination to bring about a new era for African market stability. The COVID-19 pandemic caused significant market disruptions. However, new challenges posed by the Russia-Ukraine conflict have led to price volatility around the world. Oil prices are now at $90, down from $120 three months ago. To address these issues and improve market stability, OPEC decided to reduce oil production by two million barrels per daily. This decision is expected to lead to a much-needed recovery in oil prices.

“Right now, what Africa needs is increased stability, not market volatility. Bruno Itoua, OPEC’s Executive Chairman, has led to the stability Africa needs as well as an increase of oil prices. For everyday people, the decisions made during this meeting will be key,” states 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. The world has been facing significant challenges since the COVID-19 epidemic. These have led to unstable markets and price volatility for consumers. Now, with Bruno Itoua leading the drive towards stability, consumers can expect more consistency and predictability across the oil market.”

Bruno Itoua, OPEC’s leader, has shown his commitment to working with a variety stakeholder groups towards a common goal of stabilizing the markets and ending energy poverty in Africa by 2030. Bruno Itoua will meet with producers to discuss how the cartel can leverage market instability to create more jobs and offer new services in the African energy market. Market stability is crucial for everyday people in order to ensure strong and stable socioeconomic growth following the COVID-19 pandemic.

The discussions held at the OPEC meeting this week serve as a form of prelude to the conversations, meetings and deal-signing sessions that will be held during Africa’s premier event for the oil and gas sector, African Energy Week (AEW) – taking place from October 18-21 this year in Cape Town. AEW 2022 brings together African energy leaders, global financiers as well as mover and shakers in the global oil-and gas industry. This week’s market stability will only add to this agenda.

Distributed by APO Group in support of African Energy Week.

Media Contact
For all sales enquiries, please contact [email protected]
For attendance related questions, contact [email protected]
For speaker-related questions, contact [email protected]
For media inquiries, contact [email protected]

African Energy Week (AEW 2022)
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 is an annual conference that brings together African energy stakeholders with international investors and partners. It aims to drive industry growth, development, and promote Africa’s position as a destination for investment in energy. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.