OPEC+ Meeting Delayed as Nigeria, Angola Unhappy With Quotas

The OPEC+ meeting scheduled for this weekend has been delayed as talks ran into trouble as Angola and Nigeria are said to be reportedly unhappy with lower oil production quotas.

The 23-nation OPEC+ coalition pushed back the gathering to finalize output levels for 2024 by four days to Nov. 30.

The news deepened the recent selloff in crude prices, which slumped as much as 4.9% to below $79 a barrel in London.

At the last meeting in June, African OPEC nations Angola, Congo and Nigeria were pressed to accept lower production quotas for 2024 because their capacity has deteriorated.

However, Nigeria has shown recently that it can surpass its new limits. It pumped 1.416 million barrels a day last month, or 36,000 barrels a day above its target for 2024, according to data from OPEC’s Vienna-based secretariat.

The absence of an OPEC+ agreement on production for next year would leave global oil markets in a precarious position, analysts say.

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