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OIL
Angola’s oil minister will sit out the OPEC+ November 26 meeting over apparent discontent around African members upcoming production quotas according to Platts.
- Diamantino Azevedo walked out of the June meeting because of tighter quotas for the West African nations for failing to produce enough oil.
- The upcoming meeting is expected to see cuts to Angola's 2024 production quota, as well as other African members including Nigeria, Equatorial Guinea and Republic of Congo.
- Angola agreed that its 2024 quota would be reduced by 180,000 bpd to 1.28 mn bpd, unless it could demonstrate significantly higher production by November's meeting – something it has failed to do.
- The UAE meanwhile is expected to receive a 200,000 bpd quota uplift, benefitting from other group members facing cuts.
- "I think [Azevedo] wasn't very happy about the last meeting, so I think it's his own way of basically saying, I'm not happy the way things are." A Platts source said about a lack of Angolan representation at this weekends meeting.
Source: Platts
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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