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Angolan Oil Minister to Miss OPEC+ Meeting Over Quota Discontent: Platts


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

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