{"id":8849,"date":"2023-11-25T12:28:19","date_gmt":"2023-11-25T12:28:19","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8849"},"modified":"2023-11-25T12:28:19","modified_gmt":"2023-11-25T12:28:19","slug":"opec-moving-closer-to-compromise-with-african-producers-sources-say","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8849\/","title":{"rendered":"OPEC+ moving closer to compromise with African producers, sources say"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, four OPEC+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting.<\/p>\n

OPEC members Angola and Nigeria were aiming for a higher oil output allowance, officials told Reuters on Thursday.<\/p>\n

The postponement of the meeting of Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, from Nov. 26 to Nov. 30 sent oil prices sharply lower. But they have since recovered, with Brent crude prices on Friday trading above $81 a barrel.<\/p>\n

On Thursday OPEC said the meeting would be held virtually.<\/p>\n

One of the sources, who spoke on condition of anonymity, said he felt “with 99% of confidence” that OPEC+ could reach an agreement on Nov. 30.<\/p>\n

A second source said that an “understanding has been reached” over the African producers issue.<\/p>\n

Two other sources said that an agreement was near.<\/p>\n

Nigeria’s governor to OPEC Gabriel Tanimu Aduda told Reuters on Thursday that he was not aware of any disagreements with other members of OPEC+ over his country’s production targets.<\/p>\n

Nigeria and Angola were among several countries given lower targets at the last OPEC+ meeting in June after years of failing to meet the previous ones.<\/p>\n

As of October, Angola was pumping less than its quota for 2024, according assessments by independent sources cited by OPEC.<\/p>\n

Nigeria is pumping close to its 2024 quota of 1.38 million bpd but less than a 2024 level of 1.58 million bpd being considered for it subject to independent assessments.<\/p>\n

Several analysts have said they expect OPEC+ to extend or even deepen oil supply cuts into next year in order to support prices.<\/p>\n

The market is also waiting to see if Saudi Arabia extends its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.<\/p>\n

Updated on