OPEC+ Meeting Delay Due to Issues With African Members: Energy Aspects

OPEC’s African member states are unsatisfied with potentially more cuts to crude oil production in addition to new lower production baselines from 2024 onwards, which led to the delay of the next ministerial OPEC+ meeting, Amrita Sen, Co-Founder of Energy Aspects said to Bloomberg Radio,

• “OPEC+, we understand, has been trying to push for additional cuts in Q1, just a bit of background, they already have cuts in place including voluntary cuts all the way through the end of next year for the entire group. This would be on top of and on top of, is Saudi Arabia and Russia were to extend their voluntary cuts. But for that they have certain issues with certain members, there are new baselines for several countries next year… that is where the contention is, it is the African countries that are saying you are already giving us a lower baseline and now you want us to cut even more from there. That just needs to be ironed out, ” Sen said.
• See more on OPEC meeting and baseline adjustment (published prior to delay) https://enews.marketnews.com/ct/x/pjJscQKMw7gI6a9nKhsiEg~k1zZ8KXr-kA8x6nFXsLwptIPjO1OcQ