OPEC+ Meeting Delayed Amid Dispute Over Output Quotas for African Members

FuelNuts & Bolts
Written By Jennifer Joslyn

The OPEC+ coalition, comprising 23 oil-producing nations, has postponed a meeting to finalize output levels for 2024 by four days to November 30. The delay comes as Angola and Nigeria raise objections to lower output targets imposed on them by more influential members, particularly Saudi Arabia. This dispute revives a disagreement from June when these African nations reluctantly accepted reduced quotas for 2024, contingent on a favorable external audit, which has since been contested. The delay announcement has led to a recent drop in crude oil prices, adding uncertainty to global oil markets facing increasing supply and weakening demand growth.

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Jennifer Joslyn
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