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OPEC: Angola Announces Departure Amidst Dispute Over Oil Production Targets

OPEC: Angola Announces Departure Amidst Dispute Over Oil Production Targets

Angola declared its decision to exit OPEC due to a disagreement over production quotas.

The move comes in response to OPEC’s recent decision to further reduce oil output next year.

Minister of Mineral Resources and Petroleum, Diamantino Azevedo, emphasized that the decision was made to safeguard Angola’s interests, stating that OPEC membership no longer serves the country’s objectives.

Azevedo highlighted concerns that remaining in OPEC would compel Angola to reduce production, contradicting the country’s policy of avoiding decline and honoring contracts.

In November, both Angola and Nigeria voiced displeasure with their production quotas at the OPEC ministerial meeting, leading to a postponement of the meeting due to disagreements.

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