The country’s authorities explained this decision by “lack of results” from participation in the organization and disagreement over oil production quotas.
Angola will leave the Organization of Petroleum Exporting Countries (OPEC) starting January 1 next year. The country’s authorities have already sent the organization a document formalizing its voluntary withdrawal from this economic bloc. Angop reported this on Friday, December 22.
It was noted that the sending of this message to OPEC took place hours after the Minister of Mineral Resources, Oil and Gas Diamantino Azevedo publicly announced the withdrawal.
He explained this decision by the “lack of results” from participation in the organization and disagreement over oil production quotas.
“Until now, we have not been affected by the quotas, but if we remain in OPEC, we will suffer the consequences of the decision to comply with the production quotas,” Azevedo told TPA television. Angola will be forced to cut production, he added.
“We want to participate in organizations that do not quietly enter and leave, but be active and contribute. When we see that our contribution does not produce any tangible results, it means that we are not doing anything in that organization ” , said the minister.
At the last OPEC+ meeting, which took place on November 30, one of the most difficult issues was the determination of oil production quotas for Angola. At a meeting in June, OPEC+ countries decided to reduce the quota for Angola to actual production levels. The declared quota for Angola for 2024 is 1.28 million barrels per day (b/d) and was subject to verification at the November meeting based on data from three independent sources.
Let’s remember that on June 4, OPEC+ countries agreed to reduce oil production until the end of 2024. At the same time, from the beginning of the reduction in production from next year from the level of quotas agreed in October 2022, it could reach 1.393 million b/d.
The United States then called the OPEC+ countries’ decision “stupid” because of the uncertainty in the market.
Russia announced a reduction in oil exports
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.