Opec+ has moved closer to a compromise with African oil producers on 2024 output levels, four Opec+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting.
Opec members Angola and Nigeria were aiming for a higher oil output allowance, officials told Reuters on Thursday.
The postponement of the meeting of Organisation of the Petroleum Exporting Countries and allies such as Russia, known as Opec+, from November 26 to November 30 sent oil prices sharply lower. But they have since recovered, with Brent crude prices on Friday trading above $81 a barrel.
On Thursday Opec said the meeting would be held virtually.
One of the sources, who spoke on condition of anonymity, said he felt «with 99 per cent of confidence» that Opec+ could reach an agreement on November 30.
A second source said that an «understanding has been reached» over the African producers issue.
Two other sources said that an agreement was near.
Nigeria’s governor to Opec Gabriel Tanimu Aduda told Reuters on Thursday that he was not aware of any disagreements with other members of Opec+ over his country’s production targets.
Nigeria and Angola were among several countries given lower targets at the last Opec+ meeting in June after years of failing to meet the previous ones.