Angola to quit OPEC over oil production output limit
Angola says it has concluded plans to quit the Organisation of Petroleum Exporting Countries (OPEC) over the global petrol governing body’s decision to lower the country’s petroleum output target starting from 2024.
According to Angop, an Angolan news outlet, the minister of oil resources, Diamantino de Azevedo, announced the country’s decision to leave OPEC following a Council of Ministers led by Angolan President Joao Lourenco.
“We feel that at this moment Angola gains nothing by remaining in the organisation and, in defence of its interests, it decided to leave,” Angop quoted Mr Azdvedo on Thursday.
Angola’s planned withdrawal from OPEC is due to last month’s decision by the oil-producing bloc to lower the Central African country’s daily production output to 1.11 million barrels starting next year.
The country was displeased by the decision, with the Angolan oil minister reportedly sending a note of protest in response, VOA reported.
According to the data from the CEIC economic firm, as of October, Angola averaged about 1.6 million barrels daily.
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