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Home Economy/Technology

Angola leaves OPEC in blow to oil producer group

Angola

The Matters Press by The Matters Press
December 23, 2023
Reading Time: 1 min read
0
Chamber wants to cut production

OPEC

Luanda/London, Dec. 23, 2023: Angola said it would leave OPEC in a blow to the Saudi-led oil producer group that has sought in recent months to rally support for further output cuts to prop up oil prices.

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Angola’s Oil Minister Diamantino Azevedo said the Organization of the Petroleum Exporting Countries no longer served the country’s interests.

It joins other mid-sized producers Ecuador and Qatar that have left OPEC in the past decade.

“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.

International oil prices dropped by as much as 2.4 per cent on Thursday as analysts said the departure raised questions about the unity of OPEC and OPEC+, the wider group that includes Russia and other OPEC allies.

OPEC+ implemented a new round of oil output cuts in January to try to strengthen the market.

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