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OPEC + meeting that was entered in the books at the last minute for Saturday is now postponed until Sunday, according to anonymous Sourc Reutersthis is.
No reason for the delay of the meeting was given.
The group had decided to meet at the last minute, before the full meetings on November 30 and December 1, to discuss things on the oil production plan from January.
The group is expected to come to some sort of agreement on relaxing the current production quotas that OPEC + is currently tasked with meeting. Most analysts expect the group to extend the current deal until 2021, for a period of three months.
But one item that is less clear is the country quotas – whether all countries will have the same quotas for the additional three months, or whether there will be changes for specific countries – some being asked to reduce further and some being allowed. to cut less.
Related: Why Iraq Isn’t Producing 10 Million Barrels A Day Yet
One country currently in question is Libya, which has insisted that it does not participate in any effort to reduce production until it reaches a point where it can consistently produce 1.75 million barrels of oil per day.
Other questionable issues include Nigeria, which has requested – as has Russia – to have condensate (a lighter crude which though it is often blended with other grades of crude and is generally more difficult to refine in large quantities) removed from his calculations. This would undoubtedly ensure Nigeria’s compliance without having any effect on the group’s attempt to reduce oil stocks.
Another country that could give OPEC a headache is the UAE, signaling that it may be unhappy with its current OPEC membership and quota.
Representatives from Russia and Saudi Arabia are both expected to attend Sunday’s meeting.
By Julianne Geiger for OilUSD
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