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Angola to Quit OPEC

by VOA News

   Angola's minister of oil resources announced Thursday the west African
   nation has decided to leave the Organization of Petroleum Exporting
   Countries, OPEC.

   The Angolan news organization Angop reported Minister Diamantino de
   Azevedo announced the decision following a meeting of the nation's
   Council of Ministers, led by Angolan President Joao Lourenco.

   Following the announcement, Angop reports Azevedo told reporters, "We
   feel that at this moment Angola gains nothing by remaining in the
   organization and, in defense of its interests, it decided to leave."

   Media reports say the action stems from a decision last month by OPEC
   to lower Angola's 2024 petroleum output target to 1.11 million barrels
   per day, an amount Angola disagreed with. The oil minister reportedly
   sent a note of protest in response.

   Bloomberg news service quoted Angola's OPEC governor, Estevao Pedro, at
   the time as saying the nation was unhappy with the target and was not
   planning to stick to it.

   Data from the CEIC economic firm indicate, as of October, Angola was
   averaging about 1.6 million barrels per day.

   The news, at least initially, drove down the trading price of oil by
   about a dollar to $78.50 per barrel.

   Some information for this report came from Reuters and AFP.