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Update on OPEC: No Resolution on African Quotas

OIL

OPEC+ has still not found a resolution with the African member states on the quota adjustment issue, however, that should not have an affect on today’s policy being discussed, Chief OPEC correspondent Amena Bakr tweeted via X. The group is discussing the extension of the 1mbpd Saudi cut in addition to cuts by other members.

  • Headlines: ENERGY INTEL DEPUTY BUREAU CHIEF BAKR: STILL NO RESOLUTION WITH THE AFRICAN STATES ON THE BASELINE ISSUE BUT THAT SHOULDN'T IMPEDE OR IMPACT THE POLICY BEING DISCUSSED TODAY.
  • ENERGY INTEL DEPUTY BUREAU CHIEF BAKR: PROPOSAL IS AROUND SAUDI ARABIA EXTENDING THE VOLUNTARY CUTS OF 1 MLN BPD AND THEN ON TOP OF THAT OTHER STATES MAY ADD ADDITIONAL CUTS.
  • Amena Bakr added that the OPEC+ meeting did not start yet and that is where all the decision will be made.
  • OPEC+ headlines suggest that the group is working towards cuts in its meetings this afternoon Vienna time.
  • “OPEC+ has reached a preliminary agreement for an additional oil output cut of more than 1 million barrels per day, an OPEC+ source said ahead of formal OPEC+ meetings due to take place later on Thursday.” Reuters reported.
  • Chief OPEC correspondent Amena Bakr tweeted via X - “Talks around a cut of more than 1 million bpd and will depend on how much could be contributed by member states – delegates”
    • Brent JAN 24 up 0.9% at 83.84$/bbl
    • WTI JAN 24 up 0.4% at 78.2$/bbl
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