Disagreement with African members of OPEC+ over oil production targets

Photo: ANP

African members of the OPEC+ oil cartel are under increasing pressure to give way in their oil production targets. This space would then belong to the United Arab Emirates (UAE), which would like to produce more. Angola and Nigeria in particular are struggling to meet their targets.

The UAE is pushing for a different way of measuring production restrictions, delegates say. This would mean that the free space in terms of oil production can be used by other oil producing countries, especially the United Arab Emirates. The Emirates have invested heavily in their production capacity, but they have not yet been able to use it due to OPEC obligations.

However, various African countries are seeking investment to further increase production in the coming years. According to a person involved, African ministers will meet again on Sunday morning before the real OPEC+ consultations.

What exactly will be decided on oil production is still unclear. “Everything is on the table,” said Amir Zamaninia, Iran’s OPEC governor. This also includes the possibility of the meeting ending without an agreement.

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