OPEC+ Considers Tough Stance, Potential Policy Rollover
OPEC+ talks on 2024 oil policy are proving difficult, with a rollover of the previous agreement being a possibility rather than deeper production cuts, according to four OPEC+ sources. The group is scheduled to meet online on Thursday to decide oil output levels for 2024, but a further delay is possible. While an additional cut is not actively being discussed, disagreements over output levels for African producers have caused previous delays. OPEC+ has already pledged total oil output cuts of about 5 million barrels per day, including Saudi Arabia's voluntary production cut of 1 million bpd and a Russian export cut of 300,000 bpd.