Sources: OPEC+ close to reaching a settlement with African ‎countries regarding production

Three OPEC+ sources said that the alliance is close to reaching a settlement with African oil-producing countries regarding production levels in 2024, after disagreements over its production targets forced the alliance to postpone an important meeting.

According to Reuters, officials said on Thursday that Angola and Nigeria, which are members of the Organization of Petroleum Producing Countries (OPEC), aim to increase their shares of oil production.

The postponement of the OPEC+ meeting, which includes OPEC and other allies, including Russia, from November 26 to 30 led to a sharp decline in oil prices. But it rose, and Brent crude oil exceeded $81 per barrel on Friday

OPEC said on Thursday that the meeting will be held remotely

One of the sources, on condition of anonymity, said that he is “99% confident” that OPEC+ may reach an agreement on November 30.

The other two sources said that an agreement was close. A fourth source stated that discussions are continuing

Nigeria’s delegate to OPEC, Gabriel Tanimu Aduda, said yesterday that he was not aware of any disagreements with other members of OPEC+ regarding his country’s production goals.

Nigeria and Angola are among several other countries whose production targets were changed at the last OPEC+ meeting in June after failing for years to achieve previous targets.

Many analysts said they expect OPEC+ to extend or increase oil supply cuts next year in order to support prices.

The market is also waiting to know whether Saudi Arabia will extend the additional voluntary production cut of one million barrels per day, which is scheduled to end at the end of December.

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