{"id":37060,"date":"2023-11-25T09:46:11","date_gmt":"2023-11-25T09:46:11","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/opec-moving-closer-to-compromise-with-african-producers-sources-say\/"},"modified":"2023-11-25T09:46:12","modified_gmt":"2023-11-25T09:46:12","slug":"opec-moving-closer-to-compromise-with-african-producers-sources-say","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=37060","title":{"rendered":"OPEC+ moving closer to compromise with African producers, sources say"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC’s headquarters in Vienna, Austria April 9, 2020. REUTERS\/Leonhard Foeger\/File Photo<\/span>
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By Alex Lawler, Ahmad Ghaddar and Olesya Astakhova<\/p>\n

LONDON\/MOSCOW (Reuters) -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.<\/p>\n

OPEC members Angola and Nigeria were aiming for a higher oil output allowance, officials told Reuters on Thursday.<\/p>\n

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 prices on Friday trading above $81 a barrel. <\/p>\n

On Thursday OPEC said the meeting would be held virtually. <\/p>\n

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.<\/p>\n

A second source said that an “understanding has been reached” over the African producers issue. <\/p>\n

Two other sources said that an agreement was near. <\/p>\n

Nigeria’s governor to OPEC Gabriel Tanimu Aduda told Reuters on Thursday that he was not aware of any disagreements with other members of OPEC+ over his country’s production targets.<\/p>\n

Nigeria and Angola were among several countries given lower targets at the last OPEC+ meeting in June after years of failing to meet the previous ones.<\/p>\n

As of October, Angola was pumping less than its quota for 2024, according assessments by independent sources cited by OPEC. <\/p>\n

Nigeria is pumping close to its 2024 quota of 1.38 million bpd but less than a 2024 level of 1.58 million bpd being considered for it subject to independent assessments.<\/p>\n

Several analysts have said they expect OPEC+ to extend or even deepen oil supply cuts into next year in order to support prices. <\/p>\n

The market is also waiting to see if Saudi Arabia extends its additional 1 million bpd voluntary production cut, which is due to expire at the end of December. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC’s headquarters in Vienna, Austria April 9, 2020. REUTERS\/Leonhard Foeger\/File Photo By Alex Lawler, Ahmad Ghaddar and Olesya Astakhova LONDON\/MOSCOW (Reuters) -OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels,<\/p>\n","protected":false},"author":1,"featured_media":37061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-37060","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nOPEC+ moving closer to compromise with African producers, sources say | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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