Angola announced its withdrawal from OPEC – Kommersant
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The Angolan government has announced the country’s withdrawal from the Organization of Petroleum Exporting Countries (OPEC). This was announced by the Minister of Mineral Resources, Oil and Gas Diamantino Azevedo during a meeting of the Council of Ministers and the country’s President Joao Lourenço, the newspaper reports Jornal de Angola.
“We believe that at the moment Angola gains nothing by remaining in the organization. Defending its interests, the country decided to withdraw from OPEC,” the minister said at a press conference (quote from Novo journal).
He added that Angola has always respected its obligations and advocated the modernization of OPEC, which it has been a member of since 2007.
The conflict between the country, which is one of the 20 largest oil producers, and the cartel began in November – for Nigeria, Angola and Congo, production limits were set at 1.5 million bpd, 1.11 million bpd and 277 thousand. b/s. Angola rejected the quota set for it.
Angola’s representative to OPEC Estevao Pedro stated November 30, that the country will produce oil in excess of the quota issued to it. Then he promised that the African country would produce 1.18 million barrels per day starting in January, which exceeded the quota of 1.11 million barrels. Oil exports account for 47% of Angola’s GDP.
Read more about OPEC decisions in the Kommersant text “Less is better”.
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