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OPEC+ Deal with African Nations Remains Elusive

OIL

OPEC+ has still not reached an agreement on Nigeria/Angola production quotas for 2024 according to Chief OPEC correspondent Amena Bakr on X.

  • “OPEC plus update: the African states have not reached a resolution yet with regards to their baselines. The meeting is still due to take place on 30 Nov.” she tweeted early Monday.
  • It follows Friday Reuters and Bloomberg sources led stories suggesting a deal was nearing.
  • It adds more bearish sentiment to oil markets this week with a lack of cohesion on the matter last week delaying the OPEC+ meet.
  • The delay has further pushed back the more market pressing matter of what happens to the Saudi/Russia voluntary cuts.
  • Market sentiment is still leaning towards a rollover of current cuts into the end of Q1 2024 but sentiment appears to have somewhat increased towards deepened cuts in more recent sell side research notes.
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