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Angola leaves OPEC
The Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, announced, this Thursday, Angola's departure from OPEC. The decision, duly considered, was taken at a session of the Council of Ministers, guided by the President of the Republic, João Lourenço. "We feel that at this moment Angola gains nothing by remaining in the organization and, in defense of its interests, it decided to leave," he said. He highlighted that the country has always fulfilled its obligations and fought all the time to see OPEC modernize and help its members obtain advantages. Speaking to the press, the minister clarified ... (full story)
Added at 7:43am
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Angola announces withdrawal from OPEC
Angola has been part of OPEC since 2007 and they alongside Congo and Nigeria, have failed to meet their respective output targets for years now. This resulted in pressure from Saudi Arabia to force them to accept lower output targets for next year. According to Reuters (citing independent sources from OPEC), Angola has been pumping less than its quota for 2024 as of October this year. For some context, Angola had last month rejected the new output quota handed to it by OPEC and said it planned to breach it. That played a part in the spat among OPEC members that delayed the meeting in late November. It is quite a rare ... (full story)
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Capelli - Joined Apr 2013 | Status: Member | 213 Comments
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- Posted: Dec 21, 2023 7:43am
- Submitted by:Category: Low Impact Breaking NewsComments: 1 / Views: 3,585
