Angola is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) because the membership is not aligning with its interests, stated oil minister Diamantino Azevedo on Thursday. Despite producing about 1.1 million barrels of oil per day, Angola's output falls significantly short of the whole group's production of 28 million barrels per day.
Azevedo confirmed to the public television that Angolas decision to withdraw from OPEC was due to the organization not serving their interests. However, no additional details were provided. Following this announcement, oil prices continued to drop, with Brent prices decreasing by 1.6% to $78.4 per barrel as of 9.08 a.m. ET.
Angola's departure from OPEC is a setback for the organization and its allies as they work to persuade members to reduce output to stabilize prices. Azevedo's office recently objected to OPEC's decision to decrease its production quota for 2024. Bloomberg quoted Angolan OPEC Governor Estevao Pedro as stating that the country was dissatisfied with its 2024 target and had no intention of adhering to it.
Disagreements over African output quotas had earlier helped delay a meeting of the wider OPEC+ oil producer group.
