"OPEC+ closes in on deal to resolve African oil quota dispute"

" OPEC+ closes in on deal to resolve African oil quota dispute \r\n\r\nOPEC+ is close to resolving a dispute over output quotas that forced the group to postpone a pivotal meeting, as it reviews the demands made on African members by an earlier deal.\r\n\r\nThe group is working to tweak the 2024 targets set for Angola and Nigeria to allay unease they expressed in recent days, according to a delegate. Deadlock on the issue compelled Saudi Arabia and its partners to postpone their policy-setting gathering in Vienna this weekend to next week. Talks continue and agreement looks within reach, officials said on Friday.\r\n\r\nThe spat dredged up a disagreement from June, when Angola, Congo and Nigeria were pushed by Saudi Energy Minister Prince Abdulaziz bin Salman to accept reduced output targets for 2024 that reflected their diminished capabilities. The African exporters have struggled in recent years with under-investment, operational disruptions and aging oil fields.\r\n\r\nA compromise now would allow the Organization of Petroleum Exporting Countries and its partners to focus on whether they need to agree steps to tighten supplies in 2024, amid the threat of slowing demand \u2014 and falling prices.\r\n\r\nOPEC+ leaders Saudi Arabia and Russia are expected to at least extend just over 1 million barrels-a-day of output curbs through the first quarter, to pare a looming surplus. They could also announce deeper cuts to deter bearish speculators, RBC Capital Markets LLC and hedge fund manager Pierre Andurand say.\r\n\r\nBrent crude futures have slumped by about 15% over the past two months to trade around $81 a barrel on Friday, eroding revenues for the cartel. Saudi Arabia may need oil near $100 to avoid a budget deficit, according to Bloomberg Economics.\r\n\r\nAt OPEC\u2019s latest meeting in June, Angola and Nigeria were pressed to accept considerably lower limits for 2024, at 1.28 million barrels a day and 1.38 million a day respectively.\r\n\r\nThe countries had reluctantly acquiesced to the new quotas with the caveat that they\u2019d be revised higher again if an external audit by three firms \u00a0\u2014 Rystad Energy A\/S, Wood Mackenzie Ltd. and IHS \u2014 proved their capacity was larger. That assessment has been submitted, but the trio pushed back against its findings, officials said, speaking on condition of anonymity.\r\n\r\nNigeria has shown recently that it can surpass its new limits. It pumped 1.416 million barrels a day last month, or 36,000 barrels a day above its target for 2024, according to data from OPEC\u2019s Vienna-based secretariat.\r\n\r\nAs part of the deal agreed in June, the United Arab Emirates secured the right to increase production modestly in January in order to deploy recent capacity additions. It\u2019s unclear whether there\u2019s any pressure now for Abu Dhabi to relinquish that boost in order to shore up flagging markets."

"OPEC+ closes in on deal to resolve African oil quota dispute"

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