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Republic of Congo Participates in Historic Organization of the Petroleum Exporting Countries (OPEC) Meeting, Production Cuts Extended into 2025

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OPEC

The African Energy Chamber commends OPEC and its allies for extending oil production cuts into 2025 amid efforts to stabilize the market

JOHANNESBURG, South Africa, June 5, 2024/APO Group/ — 

The Republic of Congo’s Minister of Hydrocarbons Bruno Jean-Richard Itoua participated in two historic OPEC meetings on June 2, where the decision was made to extend oil production cuts into 2025.

The meetings – an OPEC Conference and the OPEC and non-OPEC Ministerial Meeting – brought together OPEC member states and their non-OPEC counterparts to formulate strategies aimed at improving market stability and strengthening cooperation among producing nations. The Republic of Congo remains steadfast in its commitment to supporting market stability and believes the production cuts will not only encourage new investment in African oil and gas projects, but also stabilize barrel prices and global exports.

The production cuts reflect this and will ensure that the regular investment that the Congo has witnessed for several years continues

OPEC and its allies (OPEC+) initiated production cuts in 2022 to counteract demand fluctuations and price instability. At present, these cuts amount to approximately 5.86 million barrels per day (bpd) or 5.7% of global demand. Approximately 3.66 million bpd were due to expire at the end of 2024 and have been extended through 2025, while approximately 2.2 million bpd were due to expire in June 2024 and have been extended through September 2024. From October 2024 to September 2025, OPEC will gradually phase out the 2.2-million bpd cuts. These production cuts not only serve to benefit producers, but also global consumers. In addition to creating predictable revenue streams for producers that can stimulate the development of new upstream assets, production cuts stand to bolster the fiscal stability of oil-dependent countries while supporting economic growth and development.

For the Republic of Congo, production cuts aim to create stability across the domestic market, while incentivizing new investment in oil developments. The country is leading several exploration and development programs that unlock new geological plays, with independent hydrocarbon producer Perenco yielding a shallow water discovery at its PNGF Sud license and recently completing a 3D seismic acquisition campaign on the Tchibouela II, Tchendo II, Marine XXVIII and Emeraude permits, paving the way for future exploration drilling.

Italian major Eni is focused on exploration efforts on the conventional and deep offshore areas off the coast of Pointe-Noire; Chinese energy company Wing Wah is developing the Banga Kayo block; while French supermajor TotalEnergies is preparing to drill the Niamou-1 exploration well on the Marine XX offshore block. These developments are just the start, with the country inviting investors to seize additional opportunities in untapped offshore blocks. Through the OPEC-led production cuts and subsequent price stability, the Republic of Congo has proven well-positioned to attract upstream investment and offer a more attractive operating environment, backed by stable market conditions and long-term growth prospects.  

As the sixth-largest oil producer in Africa, the Republic of Congo has ambitions to leverage its oil production to fuel further economic growth. The country’s production for the month of April 2024 measured at 259,000 bpd. With over 1.8 billion barrels of proven oil reserves, the Republic of Congo has the capacity to increase production to 500,000 bpd. Existing production cuts will support this goal, as market stability creates the conditions necessary for long-term investments.

“OPEC remains committed to improving market stability and strengthening global oil dynamics. The production cuts reflect this and will ensure that the regular investment that the Congo has witnessed for several years continues. New investment in Congolese oil and gas will create a strong and resilient economy, driving job creation and economic opportunity, in line with President Denis Sassou Nguesso’s vision for our country,” stated Minister Itoua.

Distributed by APO Group on behalf of African Energy Chamber.

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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