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

ANNOUNCED OUTPUT CUTS (BPD):

Saudi 1mln - Extension of voluntary cuts
Russia 500k - Extension of voluntary cuts (Crude export cuts of 300k BPD, fuel export cuts of 200k BPD)
Iraq 220k
UAE 160k
Kuwait 135k
Kazakhstan 82k
Algeria 51k
Oman 42k
Total = 2.19mln BPD - expectations for around 2mln BPD.

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.

MOST RECENT SOURCES/REPORTS (latest first)

Reuters (30th Nov) OPEC+ ministers to meet next in June on 2024 output levels, according to Reuters sources.
Reuters/Energy Intel (30th Nov): OPEC+ cuts to be announced by members individually, according to delegates cited by Bloomberg, "as the cuts today are all voluntary", according to Energy Intel.
Energy Intel (30th Nov): "The additional cuts that will be announced today from Saudi Arabia and others are due to last for Q1 2024- sources".
Reuters (30th Nov): Saudi is to cut oil output by 1mln BPD, Russia by 500k BPD, others to cut more, according to Reuters sources. OPEC+ may meet again before year-end, according to the Algerian energy minister.
Bloomberg (30th Nov): OPEC+ reportedly agrees on 1mln BPD of extra supply cuts alongside an extension of Saudi's 1mln BPD voluntary cuts, according to delegates cited by Bloomberg.
Reuters (30th Nov): Algeria has reportedly agreed to cut January output by an additional 50k BPD, according to the energy minister cited by Reuters.
Reuters (30th Nov): OPEC+ is reportedly mulling deeper output cuts for Q1 2024, cuts to exceed the 1.3mln BPD voluntary cuts from Saudi and Russia, according to Reuters citing delegates; total cuts could approach 2mln BPD depending on other countries' contributions.
FT (30th Nov): Saudi wins provisional backing for OPEC+ oil production cuts including "about" an additional 1mln BPD; has warned it could unwind its existing voluntary cuts if other members do not make a greater contribution, according to FT sources. Deal is still being finalised on Thursday morning, with the formal meeting of ministers expected to start around 15:30 GMT. The UAE is said to now back the cuts; its production will still rise but by less than previously indicated.
Energy Intel (30th Nov): OPEC "proposal is around Saudi Arabia extending the voluntary cuts of 1 million bpd and then on top of that other states may add additional cuts". Talks around an OPEC cut of more than 1mln BPD will depend on how much could be contributed by member states; almost all member states appear to be aligned that a deeper cut is needed. OPEC+ still has no resolution with African states on the baseline issue, but that should not hinder policy being discussed today.
Reuters (30th Nov): OPEC+ has a preliminary agreement for additional oil output cuts in excess of 1mln BPD, via Reuters citing a delegate. OPEC+ proposal involves Saudi extending the 1mln BPD voluntary cut, with members making additional cuts, via Reuters citing two delegates
Reuters (30th Nov): OPEC/OPEC+ meetings expected to occur as scheduled on Thursday, via Reuters citing sources; OPEC+ continues to discuss additional oil output cut for early-2024; additional output cut discussions range from 1-2mln BPD.
WSJ (29th Nov): OPEC+ reportedly mulls new oil production cuts amid the Middle East conflict with Saudi Arabia favouring a curb of up to 1mln BPD, while other members oppose downgrading quotas with Nigeria and Angola resisting a downgrade of their individual quotas and the UAE is also reluctant to cut output. Furthermore, it was stated that a rollover of most existing output curbs is the most likely scenario but talks are continuing, according to WSJ citing delegates.

UPDATED SCHEDULE

10:00GMT/05:00EST - OPEC meeting
13:30GMT/08:30EST - JMMC meeting
14:30GMT/09:30EST - OPEC+ meeting

[According to Energy Intel]

OTHER REPORTS

Energy Intel (30th Nov): Brazil is set to join OPEC+ effective January 2024. Brazil would not take part in OPEC+ cuts, via delegates cited by Bloomberg.
Reuters (30th Nov): OPEC+ statement revised African producer targets for 2024: Angola OPEC+ quota set at 1.1mln BPD in the draft communique; Nigeria's at 1.5mln BPD; Congo 0.277mln BPD.