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| African state explains why it’s leaving OPEC | |
| (32 minutes later) | |
| Angola is quitting the alliance following 16 years of membership | |
| Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) because membership is not serving its interests, Oil Minister Diamantino Azevedo announced on Thursday. | Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) because membership is not serving its interests, Oil Minister Diamantino Azevedo announced on Thursday. |
| The African nation, which joined the alliance in 2007, reportedly produces about 1.1 million barrels of oil per day (bpd), compared with 28 million bpd for the whole group. | The African nation, which joined the alliance in 2007, reportedly 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, the minister said “it was not a decision made lightly – the time has come.” | Confirming an earlier report by local news agency ANGOP, the minister said “it was not a decision made lightly – the time has come.” |
| “Our role in the organization was not deemed relevant,” Azevedo added, as quoted by Bloomberg. | “Our role in the organization was not deemed relevant,” Azevedo added, as quoted by Bloomberg. |
| The move follows a disagreement with OPEC leadership which started in the summer, when Angola was asked to cut its production quota for 2024. At its latest meeting last month, OPEC imposed a lower quota of 1.1 million barrels a day, below the nation’s current output. | The move follows a disagreement with OPEC leadership which started in the summer, when Angola was asked to cut its production quota for 2024. At its latest meeting last month, OPEC imposed a lower quota of 1.1 million barrels a day, below the nation’s current output. |
| “As a country, when we participate, it is to contribute, expecting results that align with our interests,” said Azevedo, whose office had protested OPEC’s decision. “When this doesn’t occur, we become redundant, and it no longer makes sense for us to remain in the organization.” | “As a country, when we participate, it is to contribute, expecting results that align with our interests,” said Azevedo, whose office had protested OPEC’s decision. “When this doesn’t occur, we become redundant, and it no longer makes sense for us to remain in the organization.” |
| Angola is Africa’s second largest oil producer, behind Nigeria. According to Bloomberg, Angola's crude output has collapsed by about 40% over the past eight years to around 1.14 million barrels a day, “as it fails to invest sufficiently in aging, deep-water oil fields.” | Angola is Africa’s second largest oil producer, behind Nigeria. According to Bloomberg, Angola's crude output has collapsed by about 40% over the past eight years to around 1.14 million barrels a day, “as it fails to invest sufficiently in aging, deep-water oil fields.” |
| Several OPEC members have left the group for differing reasons in recent years, including Qatar, Indonesia, and Ecuador. | Several OPEC members have left the group for differing reasons in recent years, including Qatar, Indonesia, and Ecuador. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |