The OPEC emblem on a signal at the group’s headquarters in Vienna, Austria.
Bloomberg | Bloomberg | Getty Photographs
Angola is leaving the Corporation of the Petroleum Exporting Nations around the world (OPEC) mainly because membership is not serving its interests, oil minister Diamantino Azevedo explained on Thursday.
Angola, which joined OPEC in 2007, makes about 1.1 million barrels of oil per working day, compared with 28 million bpd for the full group.
Confirming an before report by neighborhood news agency ANGOP, Azevedo explained to public tv the conclusion to depart was mainly because OPEC membership was not serving Angola’s interests, but did not give even more information.
Oil price ranges extended losses on the news, with Brent selling prices down more than $1 to $78.50 a barrel by 1250 GMT.
Angola’s exit is a setback for OPEC and its allies, just as the team tries to get members to minimize output to assistance selling prices.
Previous month, Azevedo’s place of work protested a determination by OPEC to cut its creation quota for 2024. Bloomberg also quoted Angola’s OPEC Governor Estevao Pedro as saying the country was sad with its 2024 concentrate on and did not strategy to stick to it.
Disagreements about African output quotas had earlier helped delay a meeting of the wider OPEC+ oil producer group.