Angola has announced its withdrawal from OPEC

This information was provided by the Minister of Mineral Resources, Oil and Gas Diamantino Azevedo on Thursday.

Angola withdrew from the Organization of the Petroleum Exporting Countries (OPEC). This information was disclosed by the Minister of Mineral Resources, Oil and Gas Diamantino Acevedo on Thursday.

The decision was announced this morning during a meeting of the Council of Ministers under the direction of President João Lorenzo in Angola.

On November 30, Angola’s governor in OPEC admitted to rejecting the quota assigned to the country by the Luanda cartel, as it predicted a drop of 1,110 thousand barrels per day in production. For this reason, at that time, the country decided to maintain the target of 1,180 thousand barrels per day until 2024. At the time, Estevão Pedro emphasized that Angola did not accept the decision made by OPEC.

It should be remembered that Angola joined OPEC in January 2007, after being accepted at the end of 2006. At the time, President José Eduardo dos Santos allowed the Portuguese-speaking country to enter the bloc, which had been banned since 1975. Entering Gabon, no country has joined OPEC.

With Angola’s entry, OPEC intended to increase its control of the world’s oil reserves. Angola became the 12th member of the global oil cartel. At the end of 2006, Angola produced 1.4 million barrels per day.

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