Opec+ members reach agreement to extend production cuts into 2024

Opec+ members reached a deal to extend their production-cuts agreement into 2024, delegates said, without giving further details on the size of the supply curbs. African producers had previously objected to demands that they give up some of their unused output quotas in the interests of a broader deal.

Talks among members of Opec+ were still in progress at the time of going to press after the Joint Ministerial Monitoring Committee (JMMC) ended without a formal recommendation, according to a delegate. The discussions were centering on productions quotas from which cuts are calculated, with some African nations still objecting to the proposals, delegates said.