OPEC+ is currently engaged in discussions on its 2024 oil policy, and as of now, no delay is anticipated for the meeting scheduled for Thursday, according to two sources from the producer group. The talks, described as tough, involve negotiations over output quotas for African producers. While a delay had been previously considered due to disagreements, particularly concerning African quotas, sources indicate that the group has largely resolved this issue. The global benchmark Brent crude oil was up 1.5% near $83 a barrel, with concerns about weaker economic growth and expectations of a supply surplus in 2024 affecting prices. OPEC+ members have pledged total oil output cuts of about 5 million barrels per day, approximately 5% of daily global demand, as part of their efforts to manage the oil market.

SOURCE: GOOGLE