November 20, 2023 14:20 GMT
UAE Likely to Ensure 2024 Quota Hike, African Members Likely to Be Revised Down
The UAE has likely ensured its 2024 OPEC+ quota upward revision due to continued high production levels, while Nigeria, Congo and Angola continued to undershoot their targets, OPEC secondary sources data showed.
- During the last full OPEC meeting in June, the UAE secured the concession to increase production from 2024 onwards, due to capacity additions in recent years.
- As part of the agreement reached in June 2024 quotas for the African members Angola, Congo and Nigeria were revised down. Those new levels are subject to a review of each country’s capacity by external consultants, meaning they could potentially change again before coming into force in January.
- The UAE has likely ensured its output target to 3.075mbpd from January onwards, as production stood at 2.94mbpd in October, compared with its current quota level of 2.875mbpd.
- Nigeria’s new production quota for 2024 has been set at 1.38mbpd. Nigeria is currently on track to restore lost supplies with October production rising to 1.416mbpd but continued to produce well below its required production level for this year of 1.742mbpd.
- Congo and Angola continued to undershoot their current quotas in recent months. Congo’s October output stood at 0.257mbpd – compared to its current quota of 0.31mbpd. Angola pumped 1.172mbpd last month, below its 2023 quota of 1.455mbpd.
- The next OPEC+ ministerial meeting is scheduled to take place on 26 November in Vienna.