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OPEC Plans to Cut Output by 2mbpd in 1Q 2024

OIL

Headlines suggested OPEC+ is planning to cut output by 2mbpd during 1Q24 according to delegates. Delegates suggested OPEC+ cuts will be announced by members individually.

  • Saudi Arabia will extend its 1mbpd output cut. Russia will reduce production by 500kbpd. Algeria will cut production by 50kbpd.
  • OPEC+ may meet again before the end of the year, the Algerian Energy Minister said.
  • Brazil is said to be joining OPEC+ from January 2024 according to delegates. Later Bloomberg headlines suggested Brazil is only considering the OPEC+ membership invite, citing Brazilian officials.
  • Regarding African quotas for 2024: A draft communique showed that Angola’s OPEC+ quota is set at 1.1mbpd. Angola’s baseline was expected to be adjusted to 1.28mbpd, OPEC said during the June meeting.
  • The draft communique also said Nigeria’s OPEC quota will be at 1.5mbpd, higher than the initially planned 2024 quota of 1.38mbpd.
  • The draft statement suggested CONGO’s 2024 quota will be set at 0.277mbpd.
  • Crude markets erased some earlier gains following the OPEC headlines.
    • Brent JAN 24 up 0.6% at 83.57$/bbl
    • WTI JAN 24 down -0.4% at 77.53$/bbl
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