Angola Quits OPEC membership over cut in oil production

Angola Quits OPEC membership over cut in oil production

Releated Post

By: Emmanuel Abi Couson





Angola has announced it would quit her membership of the Organization for Petroleum Exporting Countries (OPEC) over a disagreement on production quotas.

The Petroleum minister Diamantino Azevedo on Thursday December 21 said “Angola has decided to leave. We think the time has come for our country to be more focused on our goals,”

Azevedo said that the decision was not an easy one to make but 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

According to reports, the decision is following the oil cartel’s decision last month to further slash output next year.

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

It was also reported that after the meeting, Lourenco signed a decree to officialise the matter.

Azevedo told state broadcaster TPA that Angola is unhappy with OPEC’s decision last month to further slash production next year in an effort to prop up volatile prices.

Leave a Reply

Your email address will not be published. Required fields are marked *

More Related Posts

Thanks for subscribing to our newsletter