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OPEC+ Looking at Deepening Supply Cuts: Reuters

OIL

OPEC is considering deepening its oil production cuts despite reluctance from some members, an OPEC+ source told Reuters.

  • The source said that he expected there to be an option for “collective further reduction” at the OPEC meeting scheduled for Nov. 30 at 1300 GMT.
  • Saudi Arabia is asking other OPEC+ members to reduce their oil output quotas but some members are resisting, OPEC delegates said, cited by Bloomberg.
  • While Reuters said that the members had moved closer to an acceptable joint position, Chief OPEC correspondent Amena Bakr posted on X that OPEC+ has still not reached an agreement on Nigeria/Angola production quotas for 2024.
  • The meeting had been delayed from Nov. 26 amid disagreements from African producers on output levels.
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