Opec production fell by 80,000 b/d in October to 27.71mn b/d as output declines from the group’s second largest producer, Iraq, offset increases from Nigeria. The group’s next ministerial meeting will take place in Vienna on 26 November, when 2024 production quotas for Nigeria and Opec’s other African members will be discussed.
The last Opec+ meeting in June set new production quotas for 2024, with African producers including Nigeria and Angola signing up to reduced allocations due to their persistent underproduction (MEES, 9 June). The post-meeting communique noted that required production levels for Angola, Nigeria and Congo would all be assessed independently ahead of the meeting, and depending on the results could be revised up or down. In essence they have been incentivized since June to maximize output; the results have been mixed. (CONTINUED - 980 WORDS)
