DUBAI/LONDON: OPEC+ is continuing to hold talks on 2024 oil policy ahead of a Thursday ministerial meeting, as sources from the producer group said both additional oil supply cuts and a rollover of existing curbs were possible.
Saudi Arabia, Russia and other members of OPEC+ pump around 43 million barrels per day, or over 40% of global supply. They already have supply cuts in place of about 5 million bpd, or about 5% of global demand.
On Tuesday, sources had said a further delay to the meeting of the Organization of the Petroleum Exporting Countries and allies including Russia was possible amid talks which one of them described as tough as countries maintained their positions.
Two OPEC+ sources said on Wednesday the group was discussing deeper collective oil supply cuts in the first quarter of which the exact duration and volume was not yet clear.
One of them said OPEC+ may not be able to agree on a deeper cut and it was possible Thursday’s meeting could roll over existing policy.
The meeting has already been delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output quotas for African producers, though sources have since said the group has largely resolved this issue.
The talks on African quotas come against a backdrop of the United Arab Emirates being allowed, as per OPEC+’s last agreement in June, to raise output in 2024.
Global benchmark Brent crude oil was up 0.5% and above $82 a barrel as of 1625 GMT on Wednesday.
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