Angola leaves OPEC following production cuts

Angola

LUANDA, December 22, 2023 – Angola has decided to leave intergovernmental oil organization OPEC following production cut agreements, the country’s Minister for Mineral Resources, Petroleum and Gas Diamantino Azevedo announced on Thursday.

According to the minister, the bloc no longer serves the country’s interests.

“When we are in organisations and our contributions, our ideas, do not produce any effect, the best thing is to withdraw,” said Azevedo.

The decision follows a recent agreement by OPEC+ members to cut oil production by 2.2 million bopd in early 2024.

The split will bring OPEC to 12 members.

In the last decade, Ecuador and Qatar also left the group.

Without Angola, OPEC countries will produce around 27 million bopd, accounting for 27% of the world’s supply.

Angola joined OPEC in 2006.

The Southern African nation currently produces around 1.1 million bopd, with hydrocarbons making up around 90% of its exports.

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