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OPEC+ Group Discontent Pushes Meeting to November 30


Discontent within OPEC+ comes as Saudi shoulders much of the efforts to shore up global oil prices alone which seems to be driving the push to move the upcoming meeting from November 26 to November 30 as it aims to align the group.

Some highlights of fractures in the group at present below:

  • Its voluntary cut partner Russia has proved erratic in trying to meet its own export cut efforts. Firstly, failing to meet them, briefly achieving, winding them in from 500kbd to 300kbd and then including oil products.
  • West African nations have shown discontent at their quotas getting cut next year over failure to achieve current targets. Angola’s energy minister was reported by Platts to be boycotting the meeting over his frustrations at OPEC+ policy.
  • The UAE has long wanted boosted quotas, some of which would be transferred from other nations to allow it to boost production by 200kbd from next year in expected plans.
  • OPEC+ nations exempt from quotas like Iran, Venezuela and Libya have shown crude strength this year – all of which are looking to boost production in the short term and are side swiping OPEC+ market intent at present.
  • The OPEC Secretariat, which made the announcement, did not disclose the reason for the postponement but Bloomberg reported discontent by Saudi.
  • “The OPEC+ meeting scheduled for this weekend has been delayed as talks ran into trouble amid Saudi dissatisfaction with other members’ oil production levels.” Bloomberg reported.
  • Crude markets have crashed Wednesday over the lack of alignment in the group and its ability to generate cohesion to control oil market direction.
  • The latest headlines upended our recently released OPEC+ preview but the report highlights much of the above discontent within the group as well as highlighting what a surprise these headlines have created for the market. See it via this link:
  • Brent JAN 24 down -4% at 79.16$/bbl
  • WTI JAN 24 down -4.1% at 74.58$/bbl

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