Angola – a significant player in Africa’s petroleum landscape – has announced its decision to exit the Organization of the Petroleum Exporting Countries (OPEC). Angola’s Minister of Mineral Resources, Petroleum & Gas, Diamantino Azevedo, made the announcement during the 10th Session of the Council of Ministers, organized under Angolan President João Lourenço.
Angola’s exit follows OPEC+’s decision to set lower production quotas for both Angola and Nigeria last June. Angola’s output currently hovers around 1.1 million barrels per day, though the country has been vocal about plans to raise this figure in the coming years.
Minister Azevedo stated that Angola’s departure is driven by a perceived lack of benefits from membership in the organization, commenting: “When we are in organizations and our contributions, our ideas, do not produce any effect, the best thing is to withdraw.”
Angola initially joined OPEC in 2007 in an effort to collaborate with other oil-producing nations. Both Angola and Nigeria have consistently ranked among the top oil producers in Africa.
