OPEC+ Discussions Persist on 2024 Oil Policy

In the latest update from OPEC+, sources reveal that discussions surrounding the 2024 oil policy are ongoing, with no indication of a delay to the scheduled Thursday meeting. Sources within the producer group highlighted the complexity of the talks as countries maintain their positions on crucial issues.

While concerns were raised about a potential postponement on Tuesday, sources now assert that negotiations are in progress, and the meeting remains on schedule. The initial delay from November 26 was attributed to disputes over output quotas for African producers. However, recent reports suggest that the group has made strides toward a compromise on this matter.

Against this backdrop, the United Arab Emirates, in line with OPEC+'s June agreement, is poised to increase its output in 2024. These discussions on African quotas add another layer of complexity to the ongoing negotiations.

As of 0908 GMT, global benchmark Brent crude oil is showing a modest increase, up 18 cents at $81.86 a barrel. This comes amid a downward trend in prices since late September, primarily driven by concerns over weakened economic growth and expectations of a supply surplus in 2024.

Historically, OPEC+ talks on production quotas have proven challenging, as seen in the June meeting where existing oil output cuts were extended into 2024. Notably, the UAE secured an increase in output due to its efforts to expand production capacity.

- Ongoing OPEC+ talks on the 2024 oil policy, with the Thursday meeting proceeding as planned.

- Previous concerns about a delay have subsided, emphasizing the complexity of the negotiations.

- Disagreements over output quotas for African producers were the initial cause of the meeting's postponement.

- The United Arab Emirates is set to increase output in 2024 based on the June agreement.

- Global benchmark Brent crude oil sees a modest increase amid ongoing discussions.