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Angola’s oil minister announces country’s exit from OPEC

Determination of quotas for Angola was one of the most challenging issues at the last OPEC+ meeting held on November 30

MOSCOW, December 21. /TASS/. Angola’s oil minister Diamantino Pedro Azevedo said on Thursday that the country would withdraw from OPEC, the Angop news agency said.

The decision was made at the meeting of the Council of Ministers headed by President of Angola Joao Lourenco, the news agency added.

This is explained by the disagreement of the country with OPEC production quotas, Azevedo said. "Quotas did not influence us thus far but if we remain in OPEC, we would be affected by consequences of the decision to observe production quotas," the minister told TPA television. Angola would have to reduce production in such case, he added.

"We want to participate in organizations not for entering silently and leaving silently, but to be active and make our contribution. When we see our contribution does not provide any meaningful outcome, it means we are doing nothing in this organization," the minister said, cited by the Jornal de Angola news outlet.

TASS has sent an inquiry to the OPEC press service.

Determination of quotas for Angola was one of the most challenging issues at the last OPEC+ meeting held on November 30. The quota for Angola in 2024 totaled 1.28 mln barrels per day and was subject to verification based on data from three independent sources - IHS, Wood Mackenzie and Rystad Energy.

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