London/Moscow, November 24 (Reuters) – The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are edging towards a resolution with African oil-producing nations regarding the 2024 output levels, according to four sources within OPEC+ as reported by Reuters. Disagreements surrounding these production targets had prompted the group to defer a critical meeting.
Officials informed Reuters on Thursday that OPEC members Angola and Nigeria were advocating for an elevated allowance in oil output.
The delay in the OPEC+ meeting, initially scheduled for November 26 and now rescheduled to November 30, exerted downward pressure on oil prices. However, subsequent developments have seen a recovery, with Brent crude prices surpassing $81 a barrel on Friday.