Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

OPEC+ talks tough, policy rollover possible, sources say

Published 11/28/2023, 08:34 AM
Updated 11/28/2023, 09:41 AM
© 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 Maha El Dahan, Olesya Astakhova and Ahmad Ghaddar

LONDON (Reuters) -OPEC+ talks on 2024 oil policy are difficult, making a rollover of the previous agreement a possibility rather than deeper production cuts, four OPEC+ sources said on Tuesday.

The OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia is scheduled to meet online on Thursday to decide oil output levels for 2024, according to a draft agenda seen by Reuters on Monday.

A further delay to the meeting is possible, the sources indicated. Two of the sources said an additional cut - a step that sources have said would be looked at - was not being actively discussed.

"Everyone is just holding their positions," one of the sources said.

The meeting has already been delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, though sources have since said the group has moved closer to a compromise on this point.

The Brent crude price benchmark was up 74 cents at $80.72 a barrel by 1418 GMT.

OPEC's previous meeting in June had already extended output cuts into 2024.

Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day (bpd), about 5% of daily global demand, in a series of steps that started in late 2022.

This includes Saudi Arabia's additional voluntary production cut of 1 million bpd, which is due to expire at the end of December, and a Russian export cut of 300,000 bpd until the end of the year.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Reuters oil coverage is much better than previous Investing.com 'journalist'
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.