Laughing in Quotas, Dancing to Baselines: trials and tribulations of OPEC+ in verse!

 

Trials and tribulations of the OPEC+
Trials and tribulations of the OPEC+

All eyes are on the rescheduled meeting of the OPEC+ that is going to take place tomorrow online, if they have overcome the stumbling blocks that led to the unexpected impasse. 

It is the 187th OPEC conference, 51st JMMC meeting and 36th ONOMM combined.

Undoubtedly, the meeting is going to be crucial for the cartel in light of price slump and failure of the existing production cuts to boost the prices.

Weekly oil prices
Weekly oil prices

It's no secret three are disagreements over the production quotas involving three African producers for 2024. Analysts say Angola, Nigeria and Congo want new production quotas, if implemented,  could potentially derail the plan of Saudi Arabia and Russia in keeping the production low.

In the presence of rising inflation and its inevitable impact on the cost of living, the African countries may have tried their best to change the status quo. 

The success/failure of their collective effort may be laid bare during the forthcoming meeting for the world to see; it is not going to be an easy meeting for the members, though.


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