Oil minister Diamantino Azevedo says membership is not serving its interests
21 December 2023 - 16:39
byMiguel Gomes, Ahmad Ghaddar and Alex Lawler
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Angola is leaving Opec because membership is not serving its interests, oil minister Diamantino Azevedo said on Thursday. Picture: 123RF
Luanda/London — Angola is leaving oil cartel Opec because membership is not serving its interests, oil minister Diamantino Azevedo said on Thursday.
Angola, which joined Opec in 2007, produces about 1.1-million barrels of oil per day (bpd), compared with 28-million bpd for the whole group.
Confirming an earlier report by local news agency Angop, Azevedo told public television the decision to leave was because membership of the oil cartel was not serving Angola’s interests, but did not give further details.
Oil prices extended losses on the news, with Brent prices down more than $1 to $78.50 a barrel by 12.50pm GMT.
Angola’s exit is a setback for Opec and its allies, just as the group tries to get members to cut output to support prices.
Last month, Azevedo’s office protested a decision by Opec to cut its production quota for 2024. Bloomberg also quoted Angola’s Opec governor Estevao Pedro as saying the country was unhappy with its 2024 target and did not plan to stick to it.
Disagreements over African output quotas had earlier helped delay a meeting of the wider Opec+ oil producer group.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Angola says it is leaving Opec
Oil minister Diamantino Azevedo says membership is not serving its interests
Luanda/London — Angola is leaving oil cartel Opec because membership is not serving its interests, oil minister Diamantino Azevedo said on Thursday.
Angola, which joined Opec in 2007, produces about 1.1-million barrels of oil per day (bpd), compared with 28-million bpd for the whole group.
Confirming an earlier report by local news agency Angop, Azevedo told public television the decision to leave was because membership of the oil cartel was not serving Angola’s interests, but did not give further details.
Oil prices extended losses on the news, with Brent prices down more than $1 to $78.50 a barrel by 12.50pm GMT.
Angola’s exit is a setback for Opec and its allies, just as the group tries to get members to cut output to support prices.
Last month, Azevedo’s office protested a decision by Opec to cut its production quota for 2024. Bloomberg also quoted Angola’s Opec governor Estevao Pedro as saying the country was unhappy with its 2024 target and did not plan to stick to it.
Disagreements over African output quotas had earlier helped delay a meeting of the wider Opec+ oil producer group.
Reuters
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