The Strategist

Reuters: OPEC+ is getting closer to compromise with African producers

11/27/2023 - 06:31

Reuters claimed referring to three sources within the organization that OPEC+ and African countries are reaching a compromise on oil output targets for 2024.

Following differences over the matter that forced the group of oil-producing nations to postpone a crucial alliance meeting, OPEC+ has reportedly moved closer to reaching an agreement with African oil producers about output limits for 2024, three OPEC+ sources told Reuters. Regarding the organization's ability to come to a resolution on a new meeting date of November 30, one of the insiders expressed his belief "with 99% certainty". An agreement would be achieved soon, according to two other sources. Talks were continuing on, according to a fourth source.

The ministerial conference scheduled to discuss reducing oil production was earlier postponed by OPEC+ from November 26 to November 30. The group made it clear that there will be an online format for the meeting on November 30. Angola and Nigeria, two OPEC members, insisted on producing more oil than other nations, according to sources who spoke with Reuters.

Gabriel Aduda, Nigeria's OPEC delegate, informed the agency that he was unaware of any disagreements with other OPEC+ members on his nation's production targets. An Angolan delegate told Reuters that Angola is battling for the chance to boost its oil output.



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