"OPEC+ Closes In On Deal To Resolve African Oil Quota Dispute; Dispute Forced Group To Postpone Key Meeting To Nov. 30; Agreement Back In June Left African Nations With Lower Quotas" - Bloomberg News
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OPEC+ is nearing a resolution to the oil quota dispute that led to the postponement of a key meeting. The dispute arose from a June agreement that imposed lower quotas on African nations, specifically Angola and Nigeria. Adjustments to the 2024 targets for these countries are being discussed to address their concerns. The resolution of the dispute is critical as it has delayed the policy-setting meeting in Vienna, now rescheduled for November 30.
November 24, 2023 | 4:10 pm
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The United States Oil Fund (USO) could be impacted by the resolution of the OPEC+ oil quota dispute, as it may affect global oil supply and prices.
The resolution of the OPEC+ dispute is likely to have a direct impact on oil supply levels, which in turn can affect global oil prices. As USO tracks the price of oil, any significant change in OPEC+ policies can lead to price volatility. The anticipation of a deal being reached could lead to speculative trading, potentially driving up the price of USO in the short term.
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