Sources say that the OPEC+ talks are difficult, and it is possible to change the policy

LONDON (Reuters) – OPEC+ talks on 2024 oil policy are difficult, making an extension of the previous agreement a possibility rather than deeper production cuts, four OPEC+ sources said on Tuesday.

The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is scheduled to meet online on Thursday to set oil production levels for 2024, according to a draft agenda seen by Reuters on Monday.

The sources indicated that the meeting may be postponed again. An additional cut, a step the sources said would be considered, was not being actively discussed, two of the sources said.

One source said: “Everyone is sticking to their positions.”

The meeting has already been postponed from November 26. OPEC+ sources said this was due to a disagreement over production levels by African producers, but sources have since said that the group is close to reaching a compromise on this point.

By 14:18 GMT, the price of Brent crude oil rose 74 cents to $80.72 per barrel.

The previous OPEC meeting in June had already extended production cuts until 2024.

Saudi Arabia, Russia and other OPEC+ members have already pledged total oil production cuts of about five million barrels per day, or about 5% of daily global demand, in a series of steps that began in late 2022.

This includes Saudi Arabia’s additional voluntary production cut of 1 million barrels per day, which is scheduled to end at the end of December, and a reduction in Russian exports by 300,000 barrels per day until the end of the year.

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