| 22 February 2024, Thursday |

OPEC+ moving closer to compromise with African producers

OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, four OPEC+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting.

OPEC members Angola and Nigeria were aiming for a higher oil output allowance, officials told Reuters on Thursday.

The postponement of the meeting of Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, from Nov. 26 to Nov. 30 sent oil prices sharply lower. But they have since recovered, with Brent crude prices on Friday trading above $81 a barrel.

On Thursday OPEC said the meeting would be held virtually.

One of the sources, who spoke on condition of anonymity, said he felt “with 99% of confidence” that OPEC+ could reach an agreement on Nov. 30.

A second source said that an “understanding has been reached” over the African producers issue.

Two other sources said that an agreement was near.


  • Asharq Al-Awsat