Opec+ has delayed its upcoming ministerial meeting from 26 November to 30 November as the group needs more time to discuss production quota changes for 2024. The 22 November delay announcement added renewed market volatility, and Brent futures temporarily dropped below $80/B before settling at $82.45/B. With the new meeting date coinciding with the opening day of the Cop28 climate talks in the UAE, the discussions will now be held virtually rather than in Vienna.
No official reason was provided for the changes, but sources confirm that the key reason is the need for more discussions on the adjustment of production quotas for 2024, agreed on in June, in which struggling sub-Saharan African producers had their allocations cut (MEES, 9 June). The African cohort received provisional quotas, with these to be updated during the upcoming meeting following independent assessments. Therein lies the friction, with one delegate noting that “it’s one thing agreeing to the audit process, it’s another thing altogether to implement it.” (CONTINUED - 216 WORDS)