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OPEC Adjusts Baseline for African Member States

OIL

During the 36th OPEC and non-OPEC Ministerial Meeting the group announced the new production levels for 2024 for the African members states Angola, Congo and Nigeria in line with the assessment by three independent sources, OPEC wrote.

  • Angola’s oil output has been revised to 1.11mbpd, Congo to 0.227mbpd and Nigeria to 1.5mbpd.
  • Brazil will join OPEC+ starting January 2024.
  • The 37th OPEC and non-OPEC Ministerial Meeting will be held on 1 June 2024 in Vienna.
  • Not included in the group’s official press release but drawn from headlines citing delegates:
  • OPEC+ will cut oil output by 2mbpd in 2024. These cuts are voluntarily and any additional cuts will be announced by the member state individually. This includes: Saudi Arabia will extend its 1mbpd cut into 1Q 2024. Russia will reduce production by 500kbpd through 1Q 2024. Algeria will cut output by 50kbpd in January.
  • OPEC+ may meet again before the end of the year, the Algerian Energy Minister said.

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