Victor Ezeja
Africa’s second-biggest producer of crude oil, Angola, has announced its decision to quit the Organisation of Petroleum Exporting Countries (OPEC).
This was announced by the country’s mineral resources oil, and gas minister, Diamantino de Azevedo on Thursday.
Join our WhatsApp ChannelAccording to Angola’s local news agency Angop, the decision was taken during the 10th session of the council of ministers under the Angolan President Joao Lourenco.
READ ALSO: OPEC Announces 1 Million Bpd Cut In Monthly Oil Output For 2024 To Bolster Market Stability
He reportedly said OPEC no longer served the country’s interests.
“We feel that … Angola currently gains nothing by remaining in the organisation and, in defense of its interests, decided to leave,” Azevedo was quoted as saying in a presidency statement.
The move to quit OPEC follows a protest from Angola about OPEC+’s decision to cut its output quota for 2024.
During the OPEC+ meeting last month, Angola’s oil output target was lowered to 1.11 million barrels per day (bpd).
Angola was among other countries including Nigeria that were given a lower output target in June after years of failing to meet its obligations to the oil producers group.
Joining OPEC in 2007, the southern African nation produces about 1.1 million barrels of oil per day. Its exit would reduce OPEC membership to 12.
A Reuters report said the plan by OPEC+ to implement a new round of oil-output cuts from January is a bid to strengthen the market.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
