OPEC+ talks tough, policy rollover possible
11/28/2023 4:15:00 PM
OPEC+ talks on oil policy are difficult, making a rollover a possibility rather than deeper production cuts to support the market, four OPEC+ sources said on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, is currently scheduled to meet online on Thursday to decide oil output levels in 2024, according to a draft agenda seen by Reuters on Monday.
A further delay to the meeting is possible, the sources indicated.
The meeting was already delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since said the group has moved closer to a compromise on this point.
Oil prices pared an earlier gain on Tuesday, with Brent crude trading just above $80 a barrel by 1355 GMT.
Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022.
This includes Saudi Arabia's additional voluntary production cut of 1 million bpd which is due to expire at the end of December, and a Russian export cut of 300,000 bpd also until the end of the year.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, is currently scheduled to meet online on Thursday to decide oil output levels in 2024, according to a draft agenda seen by Reuters on Monday.
A further delay to the meeting is possible, the sources indicated.
The meeting was already delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since said the group has moved closer to a compromise on this point.
Oil prices pared an earlier gain on Tuesday, with Brent crude trading just above $80 a barrel by 1355 GMT.
Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022.
This includes Saudi Arabia's additional voluntary production cut of 1 million bpd which is due to expire at the end of December, and a Russian export cut of 300,000 bpd also until the end of the year.