The recent postponement of the OPEC Plus ministerial gathering follows a push from Angola and Nigeria to raise oil production. Reuters reported the decision to delay as a reflection of these producers seeking greater latitude to expand output.
Originally, the session was set to review the broader trend of cutting supply. However, several participants did not align with that direction. Angola outlined its plans to continue investing in its oil deposits and indicated it would resist any rapid reduction of production. In practical terms, this means a preference for maintaining or increasing production as long as investments in exploration and development justify it. Reuters notes that this stance from Angola contributed to the postponement, illustrating the varied priorities within the group.
Sources within OPEC Plus suggested the delay also touches other African members. In June, the coalition had promised to revisit 2024 production quotas for Angola, Nigeria, and Congo, signaling a potential realignment of shared targets. The pause therefore becomes a window for reassessment rather than a final decision on output policy. Reuters reported these conversations as ongoing behind the scenes, with the aim of aligning quotas with evolving market conditions.
The schedule shift also means that the OPEC and OPEC Plus meetings are now anticipated for November 22. Officially, the events were moved from November 25 and 26 to November 30. Markets and observers are watching closely as the calendar tightens, and producers weigh how to respond to price signals and global demand patterns. Reuters highlighted that the new date could influence the timing of any potential changes in policy that would affect crude supply levels later in the year.
Analysts from major institutions, including Goldman Sachs, have weighed in on the probability of deeper cuts or increased output in the next session. They estimate there is roughly a 35 percent chance that members of the OPEC Plus alliance may decide to intensify cuts to oil production. Such a move would likely aim to support prices in a volatile market, balancing revenue needs with the realities of demand and economic growth. Reuters quoted these assessments as part of the broader market outlook linked to the postponed talks.
Earlier remarks from Moscow also touched on the postponement, with officials in the Kremlin offering comments about the reasons behind delaying the meetings. The international dimension adds another layer to the considerations facing OPEC Plus members as they navigate geopolitical dynamics and domestic production commitments. Reuters’s reporting frames these comments within the ongoing dialogue about policy direction and market stability.