Angola announced its departure from the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, citing the organization’s failure to align with its interests amid ongoing disagreements over output quotas.
The decision by the African oil-producing nation comes after OPEC and its allied nations recently agreed to further reduce oil production in 2024 in an attempt to stabilize fluctuating global prices.
As one of OPEC’s members contributing about 1.1 million barrels per day out of the total 30 million barrels produced by the organization, Angola’s exit impacted the market, causing a drop in oil prices. Brent prices fell by over $1 to $78.5 a barrel following the news.
The decision to withdraw from OPEC was made during Angola’s cabinet meeting, as confirmed by Mineral Resources and Petroleum Minister Diamantino Azevedo, who highlighted that the country’s departure was a result of OPEC no longer serving Angola’s interests under the leadership of Saudi Arabia.
“We feel that at this moment, Angola gains nothing by remaining in the organisation and, in defence of its interests, it decided to leave.
“If we remained in Opec… Angola would be forced to cut production, which goes against our policy of avoiding decline and respecting contracts,” he said.
Angola, part of OPEC for 16 years, now joins the ranks of Ecuador, Indonesia, and Qatar, all of which have previously departed from the organization. OPEC, a coalition of oil-producing nations that determines global crude oil sales, collaborates with an extended assembly known as OPEC+, which also involves Nigeria among its members.
………….
Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500
