Angola quits OPEC over oil production quota dispute

PHOTO

Angola has announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC) over a disagreement on oil production quotas, saying that it is time to “focus more” on its own goals, as stated by the Minister of Natural Resources.

“If we stay in OPEC, we will suffer the consequences of the decision to respect production quotas,” Minister Diamantino de Azevedo said. “It is the decision of a sovereign state. We have always done our duty but Angola decided to leave. We think it’s time for our country to focus more on its goals,” he added.

De Azevedo added that his country has been very active in OPEC, “but our role within the organization no longer seems important to us at the moment,” echoing “The current results do not serve our interests.”

Despite the new cuts announced in November, crude oil prices remain at their lowest levels since June (between $70 and $80 per barrel), but still higher than the average of the last five years.

OPEC and its ten allies in OPEC Plus seem to be losing influence in the market amid their differences, American competition, and international efforts to reduce dependence on fossil fuels.

In November, Angola and Nigeria expressed dissatisfaction with their quotas during the last ministerial meeting of the OPEC Plus alliance, which was delayed for several days due to disagreements.

OPEC was founded in 1960, with 13 members led by Saudi Arabia, and formed the OPEC Plus alliance in 2016 with ten other countries, including Russia, to reduce supply and support oil prices in the face of challenges posed by American competition.