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Oil, OPEC+ discuss cuts: “Tensions with African countries”

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Lawrence
Lawrence
I am Lawrence Sickels and I work in the news industry. For the past few years, I have been writing for The News Dept, a web-based platform dedicated to providing readers with quality journalism. My main area of focus is covering economic news and business trends across the globe. With my detailed knowledge of current affairs and market analysis, I am able to offer insightful commentary on economic issues beyond the headlines. Having worked as a journalist for many years, I have developed an eye for detail when it comes to crafting stories that are engaging and informative. In addition to writing about economics topics, I also specialize in research-driven articles about finance and trade policy.

Discussion still ongoing mid-afternoon of June 4 at the OPEC+ summit on possible production cuts. The meeting started at least three hours late. Influential OPEC members and major producers in the Gulf led by Saudi Arabia have tried to persuade low-producing African countries such as Nigeria and Angola to set production targets, Reuters said, citing more realistic sources. “Talks with African producers are difficult,” says an OPEC+ source.

Meanwhile, the UAE is reportedly looking for a higher production base to reflect growing capacity. According to some sources quoted by Reuters, cuts of up to 1 million barrels per day are being discussed, in addition to the existing cuts of 2 million barrels per day and voluntary cuts of 1.6 million barrels per day announced in a surprise move in April and which took effect in May. If approved, another cut would bring the total volume of reductions to 4.66 million barrels per day, or about 4.5% of global demand. Production cuts usually take effect the month after the deal, but ministers can also agree on a later implementation.

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