Nigeria and Angola push for higher Opec+ quotas

Opec+ is facing discontent from two key African members — Nigeria and Angola — about reductions to their crude output targets next year.

The revisions were first announced at the group's June ministerial meeting, alongside downgrades for other member countries that had been struggling to meet existing quotas.

As part of that agreement, Nigeria and Angola were given 362,000 b/d and 175,000 b/d reductions to their 2024 production targets, leaving them at 1.38mn b/d and 1.28mn b/d, respectively — although those figures were understood to be preliminary, pending further independent assessment by three of Opec's seven secondary sources.

After the assessment, Nigeria's 2024 target was raised to 1.5mn b/d while Angola's was cut by a further 200,000 b/d to 1.08mn b/d, according to sources. Neither country is happy with its new target and both are arguing for upgrades — Nigeria by 80,000 b/d to 1.58mn b/d, and Angola by 100,000 b/d to 1.18mn b/d, according to sources.

The discussions around these revisions are ongoing, although one source stressed that such issues are "between the individual countries and the independent sources", rather than the other Opec+ members or the Opec secretariat.

Opec+ ministers are due to meet virtually on 30 November after a meeting that had been scheduled for 26 November in Vienna was pushed back.

By Nader Itayim