OPEC+ Wooing African Producers to Boost Market Share: Platts

OPEC+ is courting emerging oil producers in Africa, such as Namibia, Ghana, and Senegal, for potential membership to the bloc, Platts said.

• Rising non-OPEC+ output from the likes of the US, Canada, and Guyana has eroded the alliance’s market share, while sanctions on members such as Russia, Iran, and Venezuela are capping growth.
• While no new members are expected to be announced at the upcoming OPEC+ meeting June 2, delegates say that the African recruitment drive is long-term focuses.
• Consequently, emerging producers will be approached for membership when they begin exporting crudes.
• African OPEC+ members tend to be more reliance on IOCs compared with major Middle Eastern producers. They are usually more focused on volumes rather than prices due to being net importers of refined products.