BUSINESS

Angola Set To Leave OPEC Amid Disagreement On Oil Output

Angola is leaving the Organization of Petroleum Exporting Countries (OPEC).

The Angolan oil minister said on Thursday, that the “membership is not serving the country’s interests”.

The southern African country, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million barrels per day for the whole group.

Angola’s exit is a setback for OPEC and its allies, just as the group, known as OPEC+, tries to get members to cut output in order to support prices going up.

It joins other mid-sized producers Ecuador and Qatar that have left OPEC in the last decade.

Angola’s decision to withdraw from OPEC came at Thursday’s cabinet meeting.

“We feel that at this moment Angola gains nothing by remaining in the organization and, in defense of its interests, it decided to leave,” Mineral Resources and Petroleum Minister Diamantino Azevedo said afterwards.

“If we remained in OPEC… Angola would be forced to cut production, and this goes against our policy of avoiding decline and respecting contracts.”

The minister added that the decision was not taken lightly.

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Readers Bureau, Contributor

 Edited by Jesus Chan

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