LONDON (Reuters) – OPEC+ negotiations on oil production are difficult, which could lead to a simple renewal of policy in this area rather than decisions on a deeper reduction in supply, they said. declared Tuesday four sources close to the producing countries.
OPEC+, which brings together members of OPEC and other producing countries such as Russia, plans to meet by videoconference on Thursday to decide on production levels.
The meeting, initially scheduled for November 26, was delayed, with sources citing disagreements over production targets, particularly with the organization’s African members such as Angola and Nigeria.
According to sources on Tuesday, a further postponement of the meeting is possible.
Saudi Arabia, Russia and other OPEC+ members have already pledged to cut their total oil production by around five million barrels per day, or around 5% of daily global demand, as part of a series of measures which began at the end of 2022.
This includes the additional voluntary reduction of Saudi Arabia’s production by a million barrels per day, and that of Russian exports by 300,000 barrels per day, two measures which are due to expire at the end of the year.
(Reporting by Maha El Dahan, Ahmad Ghaddar, Alex Lawler, Olesya Astakhova and Lamine Chikhi, Blandine Hénault for the )
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