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Angola Exits OPEC: Quota Battles Fuel Separation

Boom RadioNG | December 21, 2023

Central African country, Angola has today announced it is leaving the oil organization, OPEC over a disagreement on production quotas following the organization’s decision last month to further reduce output next year.

 

 

This was disclosed by the country’s Mineral Resources and Petroleum minister Diamantino Azevedo stating that the decision was not taken lightly, but the OPEC membership no longer served the African country’s interests.

“We feel that at this moment Angola gains nothing by remaining in the organization and, in defence of its interests, it decided to leave,” the presidency quoted Azevedo as saying in a statement.

The presidency said the decision was taken at a cabinet meeting chaired by the President in the capital, Luanda.

 

President João Manuel Gonçalves Lourenço of Angola

President João Manuel Gonçalves Lourenço of Angola

After the meeting, Lourenco signed a decree to officialise the matter, it said.

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

Angola is one of the largest oil exporters in Sub-Saharan Africa, alongside Nigeria.

 

Dolupo Balogun

Written by Boom RadioNG

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