June 18, 2024
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Angola, Nigeria Push for Higher Oil Output as OPEC+ Meeting Gets Delayed

African members of the OPEC+ group, Angola and Nigeria, are reportedly seeking higher oil output, leading to disagreements within the organization according to Reuters. The OPEC+ meeting, originally scheduled for November 26 to discuss production policy for the coming year, has been postponed to November 30.

Angola’s OPEC governor, Estevao Pedro, stated that they are “fighting to increase our production,” with ongoing investments to support the effort.

Nigeria, producing 1.7 million barrels per day as of November 17, aims to reach 1.8 million bpd by year-end, according to Olufemi Soneye, chief corporate communications officer at NNPC.

The disagreement within OPEC+ reportedly involves production targets for African countries. The postponement of the meeting has raised concerns about the potential for deeper output cuts, impacting oil prices, which fell about 1.5% on Thursday.

OPEC+ members, including Angola and Nigeria, had conditional 2024 output quotas, subject to reviews by external analysts. The independent consultancies—IHS, Rystad Energy, and Wood Mackenzie—were tasked with verifying production figures for these countries, creating a snag in negotiations.

As the meeting is rescheduled for November 30, the focus remains on reaching a consensus on production targets amid varying perspectives within OPEC+.

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