MOSCOW, November 23 The OPEC conference, monitoring committee and OPEC+ ministerial meeting will be held online on November 30, the organization reported OPEC in its press release.
«The 187th OPEC Meeting-Conference, the 51st Ministerial Monitoring Committee Meeting and the 36th OPEC and Non-OPEC Ministerial Meeting will be held online on Thursday, November 30,» the statement said.
The day before, OPEC announced that the conference of the countries included in the organization, as well as the meeting of the monitoring committee and the OPEC+ ministerial meeting, which were to be held in Vienna on November 25-26, are postponed to November 30. As sources in OPEC+ told foreign news agencies, the delay is due to disagreements between Saudi Arabia and African countries over their quotas.
As Bloomberg noted from the words of delegates, more time is required for influential members of the alliance agreed with some African countries to lower their production targets, prompting speculation that Angola, one of the continent's largest oil producers, might leave the alliance. However, according to Angola's representative to OPEC, Estevan Pedro, who was quoted by the agency, the country does not plan to withdraw from the agreements.
Also, a spokesman for the Nigerian State Petroleum Company, NNPC, Olufemi Soneye, said earlier on Thursday that the country was increasing its oil production. Currently, production is 1.7 million barrels per day, and by the end of the year it is planned to increase it to 1.8 million. At the same time, Nigeria’s quota in OPEC+ is now 1.742 million barrels per day, in 2024 it should decrease to 1.38 million.
During the June meetings of OPEC and OPEC+, foreign media wrote, citing sources, that the Saudi Arabia tried to negotiate with African countries to reduce their oil production quotas. At the same time, the kingdom discussed with the UAE the possibility of increasing their production. As a result, by 2024, quotas for most African countries, as well as for other OPEC+ members, were reduced. And the share of the UAE was slightly increased.