Amid disagreements over oil production quotas… Angola decides to withdraw from OPEC
Announcement
Angola announced Thursday that it had decided to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) amid disagreements over production quotas, considering that the time had come to “focus more” on its own goals, the Minister of Natural Resources announced Thursday.
Minister Diamantino de Azevedo told TPA public television, “If we remain in OPEC, we will suffer the consequences of the decision to respect production quotas.”
“It is the decision of a sovereign country. We have always done our duty but Angola saw fit to leave. We believe it is time for our country to focus more on its goals,” he said.
De Azevedo added that his country was very active in OPEC, “but our role within the organization no longer seems important to us at the present time,” adding, “The current results do not serve our interests.”
Despite new cuts announced in November, crude oil prices remain at their lowest levels since June (between $70 and $80 per barrel), and are nonetheless higher than the average of the past five years.
It seems that OPEC and its ten allies in OPEC Plus have begun to lose their influence in the market in light of the differences between them, American competition, and international efforts to reduce dependence on fossil fuels.
At the end of November, Angola and Nigeria expressed their dissatisfaction with their quotas during the last ministerial meeting of the OPEC+ alliance, which was postponed for several days due to disagreements.
OPEC was founded in 1960, and brings together 13 members led by Saudi Arabia. It formed the OPEC Plus alliance in 2016 with ten other countries, including Russia, with the aim of limiting supply and supporting oil prices in the face of the challenges posed by American competition.
2023-12-21 15:37:14
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