https://en.sputniknews.africa/20231221/angola-to-quit-opec-over-oil-production-quotas-disagreement-state-media-reports-1064238468.html
Angola to Quit OPEC Over Oil Production Quotas Disagreement, State Media Reports
Angola to Quit OPEC Over Oil Production Quotas Disagreement, State Media Reports
Sputnik Africa
Before the last OPEC+ meeting in late November, there was a problem in negotiations with the delegations of Angola and Nigeria regarding oil production quota... 21.12.2023, Sputnik Africa
2023-12-21T14:39+0100
2023-12-21T14:39+0100
2023-12-21T14:39+0100
sub-saharan africa
angola
nigeria
organization of petroleum exporting countries (opec)
opec+
oil
petroleum
central africa
west africa
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Angola said on Thursday it would leave OPEC over a disagreement on production quotas following the oil cartel's decision last month to further slash output next year, state media TPA reported.Mineral Resources and Petroleum minister Diamantino Azevedo said that the decision was not taken lightly, but OPEC membership no longer served the African country's interests. He said the country was unhappy with the group's decision last month to further slash production next year in an effort to prop up volatile prices. Angola is one of the largest oil exporters in Sub-Saharan Africa, alongside Nigeria. Both countries expressed dissatisfaction with their production quotas at the November OPEC ministerial meeting as they seek to step up production to secure vital foreign currency.The meeting had to be postponed for several days because of disagreements. Prices are sitting near their lowest level in nearly six months, despite the cartel's announcement in November to further cut output.They have jumped in recent days as cargo shippers and oil firms say they will avoid using the Red Sea and Suez Canal because of drone and missile attacks by Huthi rebels. But they still remain below $80 a barrel.Nevertheless, crude prices remain above the average of the past five years. In an effort to prop up prices, the OPEC+ alliance has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022. Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain more clout.
https://en.sputniknews.africa/20231109/angola-to-cut-fuel-subsidies-by-end-of-2025-finance-minister-1063437185.html
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angola, nigeria, organization of petroleum exporting countries (opec), opec+, oil, petroleum, central africa, west africa
angola, nigeria, organization of petroleum exporting countries (opec), opec+, oil, petroleum, central africa, west africa
Angola to Quit OPEC Over Oil Production Quotas Disagreement, State Media Reports
Agence France Presse (AFP)
Before the last OPEC+ meeting in late November, there was a problem in negotiations with the delegations of Angola and Nigeria regarding oil production quota for 2024. African countries did not agree to lower them.
Angola said on Thursday it would leave OPEC over a disagreement on production quotas following the oil cartel's decision last month to further slash output next year, state media TPA reported.
Mineral Resources and Petroleum minister Diamantino Azevedo said that the decision was not taken lightly, but OPEC membership no longer served the
African country's interests. "Angola has decided to leave. We think the time has come for our country to be more focused on our goals," Azevedo told state broadcaster TPA.
He said the country was unhappy with the group's decision last month to further slash production next year in an effort to prop up volatile prices.
"If we remained in OPEC... Angola would be forced to cut production and this goes against our policy of avoiding decline and respecting contracts," Azevedo said.
Angola is one of the largest oil exporters in Sub-Saharan Africa, alongside
Nigeria. Both countries
expressed dissatisfaction with their production quotas at the November OPEC ministerial meeting as they seek to step up production to secure vital foreign currency.
The meeting had to be postponed for several days because of disagreements. Prices are sitting near their lowest level in nearly six months, despite the cartel's announcement in November to further cut output.
They have jumped in recent days as cargo shippers and
oil firms say they will avoid using the Red Sea and Suez Canal because of drone and missile attacks by Huthi rebels. But they still remain below $80 a barrel.
Nevertheless,
crude prices remain above the average of the past five years. In an effort to prop up prices, the OPEC+ alliance has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022.
Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain more clout.
