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RBC Highlights Africa Discontent as Key OPEC+ Hurdle

OIL

RBC ON OPEC+ - The issue of Angola/Nigeria adjusted quotas remains according to an RBC client note out Wednesday evening with no change reported since.

  • RBC said agreements by the group over the dispute with African nations “appears to be imperative before the group can move to the topic of additional collective and unilateral cuts for 2024.”
  • “It remains our understanding that Angola has been the more difficult case to resolve.” RBC added.
  • “We still believe it’s likely that the group will be able to reach an agreement by tomorrow [note was out Wednesday] that will enable the broader group discussion to commence.”
  • RBC said they see scope for further cuts by OPEC+ if the Angola/Nigeria situation is resolved but believes Saudi will look for support with the cuts from other members rather than shouldering alone.
  • The bank highlights the UAE as an obstacle having pushed hard for a quota increase in June.
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