① OPEC announced on its official website last week that the meeting originally scheduled to be held from November 25 to 26 has been postponed until November 30; ② On Tuesday, media broke the news that the meeting may be further postponed because member states insist on their positions, making negotiations very difficult. However, according to the latest news, the meeting will not be further postponed.
Financial News Agency, November 29 (Editor Xia Junxiong) According to media reports citing sources, OPEC+ will continue to hold talks on 2024 oil policy, and the current meeting scheduled for Thursday will not be further postponed.
OPEC+ is an alliance formed by the Organization of Petroleum Exporting Countries (OPEC) and countries led by Russia. The Union's crude oil production accounts for about 40% of the world's total crude oil production.
Last week, OPEC announced on its official website that the 187th OPEC General Meeting, the 51st Joint Ministerial Monitoring Committee (JMMC) meeting, and the 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM), which were originally scheduled to be held from November 25 to 26, have been postponed until November 30.
On Tuesday, news broke in the media that the meeting may be further postponed because member states insist on their positions, making negotiations very difficult.
However, the source said: “Negotiations are ongoing, but no delays are expected.”
The report said that African oil producers are dissatisfied with their production quotas, which is the main reason for the postponement of the OPEC+ meeting. Nigeria and Angola are opposed to reducing their 2024 oil production quotas due to production capacity.
In recent years, African oil exporters have struggled to cope with insufficient investment, disrupted operations, and aging oil fields.
At its June meeting, OPEC+ cut production targets for Nigeria, Angola, and the Congo for 2024. These countries reluctantly acquiesced in the new quotas, but also warned that if external audits showed that they had greater production capacity, the quotas should be raised again.
According to official OPEC data, in October of this year, Angola's crude oil production capacity reached 1.17 million b/d, which is still 110,000 b/d compared to the country's 2024 quota; while Nigeria's crude oil production capacity reached 1,416,000 b/d, which is 36,000 b/d higher than its 2024 quota.
According to reports, Nigeria is seeking a quota of 1.58 million b/d, while Angola requires production of 1.18 million barrels per day.