London/Moscow — OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting.
OPEC members Angola and Nigeria were aiming for a higher oil output allowance, officials told Reuters on Thursday.
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 Brent crude prices on Friday trading above $81 a barrel.
On Thursday OPEC said the meeting would be held virtually.
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.
The two other sources said that an agreement was near. A fourth source said discussions were ongoing.
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.
As of October, Angola was pumping less than its quota for 2024, according assessments by independent sources cited by OPEC.
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.
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.
Additional reporting by Maha El Dahan in Dubai – Reuters
