OPEC+ Meeting Moves Forward Despite Challenges and Disagreements

Sources from OPEC+ told Reuters on Wednesday that the group continues discussions regarding its oil policy for 2024, with no expectation of postponing its scheduled meeting for tomorrow, Thursday. Sources indicated on Tuesday that the meeting might be delayed amid what one described as difficult negotiations with countries sticking to their positions. One of the sources noted that "negotiations are ongoing, but no postponement is expected." The meeting had already been postponed from November 26. OPEC+ sources indicated that this was due to a dispute over production quotas for African producers, but since then, sources have said the group is close to reaching a compromise on this issue. The discussions regarding the production quotas for African producers come in light of the recent OPEC+ agreement in June, which allowed the UAE to increase production in 2024.