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Angola says it is leaving OPEC

  • Angola has announced its departure from the Organization of the Petroleum Exporting Countries due to a disagreement over oil production quotas.
  • Angola's exit is a setback for OPEC, but its relatively small output compared to the whole group's production of 28 million barrels per day mitigates the impact.
  • OPEC cut oil production to support prices, but a drop in demand for 2024 led the group to implement further voluntary cuts, including Brazil joining OPEC.
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Angola is leaving OPEC oil cartel after 16 years after dispute over production cuts

LONDON (AP) — Angola announced Thursday that it’s leaving the OPEC oil producers cartel, coming after it battled with the group over lower production quotas this year. Diamantino de Azevedo, the African nation’s oil minister, said Angola “does not gain anything by remaining in the organization,” according to state news agency Angop. The country joined OPEC in 2007. Disagreements over lower oil quotas for some African countries, including Angola,…

·Albuquerque, United States
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China Daily broke the news in China on Thursday, December 21, 2023.
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