[ROLLING HEADLINE] OPEC, JMMC and OPEC+ Meetings on Thursday 30th November; OPEC+ meeting now underway


Note, Angola rejects OPEC quota for 1.11mln BPD, says it won't stick to it and will produce 1.18mln BPD, according to Bloomberg.

Russian Deputy PM Novak announced the production cuts would be over 2mln BPD and the OPEC Secretariat said it will total 2.2mln BPD (exp. 2.0mln).

"These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.

Brazil is not expected to take part in production quotas if it joins OPEC+, according to Reuters sources.



[According to Energy Intel]


Analysis details (13:41)

OVERVIEW: The delayed JMMC and OPEC+ meetings are, as things stand, still set to take place on Thursday 30th November. WSJ sources yesterday suggested a rollover of most existing output curbs is the most likely scenario but talks are continuing, but OPEC+ reportedly mulls new oil production cuts amid the Middle East conflict with Saudi Arabia favouring a curb of up to 1mln BPD. Compliance among members is expected to be stressed and production baselines may be lowered to tighten compliance. Nigeria and Angola resisting a downgrade of their individual quotas and the UAE is also reluctant to cut output, according to WSJ. The meeting is part of routine confabs to evaluate market fundamentals. Saudi Arabia and Russia have suggested voluntary cut decisions will be reviewed monthly where they will consider deepening the reduction or increasing supply.

WHERE POLICY STANDS: Saudi Arabia and Russia, alongside other OPEC+ members, have committed to reducing oil production by some 5.2mln BPD. This accounts for approximately 5% of the world's daily oil demand. The current cuts comprise 3.7mln BPD by OPEC+ collectively, with further voluntary reductions made by Saudi Arabia and Russia. During their last policy meeting in June, OPEC+ reached a consensus on a comprehensive agreement to restrict supply into 2024. Additionally, Saudi Arabia committed to a voluntary production reduction of 1mln BPD for July – this commitment has been extended and is now set to continue until the end of 2023. Russia pledged a voluntary production cut of 500k BPD for August and export cut 300k BPD for September, with the curbs later extended until the end of 2023.





30 Nov 2023 - 18:34- EnergyGeopolitical- Source: Newsquawk

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