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OPEC+ likely to extend agreement, meeting may be delayed

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The upcoming meeting to discuss the plan for 2024 oil production among the group was previously pushed back to this Thursday due to disagreements over production levels among the group’s African producers. It now seems that there might be another delay, but the group is making progress towards a resolution on the required production levels for the African members.

Angola and Nigeria have been balking at their quotas for next year.

Potential delays aside, additional production cuts—something that was said to be on the table before—is not actively being discussed, the sources said on Tuesday.

Potential production cuts are not being discussed actively, sources said Tuesday, despite the possibility of delays.

According to Reuters, OPEC+ has agreed to cut 5 million barrels per day, which is roughly equivalent to 5% of global demand. The majority of this reduction will be made by Saudi Arabia, which has voluntarily agreed to cut an additional 1 million barrels per day. This voluntary cut is set to expire at the end of the year.

The talks on oil policy were categorized as difficult by OPEC+ sources, with one source noting that all parties were maintaining their positions.

Bitumen Prices

On November 29, bitumen prices in Singapore and South Korea reached 495 and 395 USD, respectively. Singapore’s HSFO settled at 453 USD, while Bahrain’s bitumen remained at 400 USD and Iran’s bulk bitumen dropped to 292 USD.

Prepared by Rumays specialists group.

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OPEC+ likely to extend agreement, meeting may be delayed