OPEC Working on Compromise with African Nations Quotas

OPEC is understood to still be in negotiations with African nations regarding a compromise on 2024 production quotas that have postponed this Sunday’s meet until Thursday November 30.

• “OPEC has moved closer to a compromise with African oil producers on oil production levels for 2024” Reuters reported two sources said late Thursday.
• Both Nigeria and Angola have ambitions to boost crude production higher in the short term - something the current proposed quotas would hamper.
• Next week’s meet is going to be virtual rather than in person.
• Angolan officials said to Reuters yesterday they intend to remain part of the group, helping to alleviate fears of anyone leaving the collective and diminishing its overall ability to control prices.
• Chief OPEC correspondent Amena Bakr said on X earlier “both Nigeria and Angola want to reach an agreement on the baselines....that's a positive sign”