Angola has announced its decision to quit membership of oil cartel, the Organization of the Petroleum Exporting Countries (OPEC), effective immediately.
Oil Minister Diamantino Azevedo, in a televised address, explained that OPEC membership was no longer serving Angola’s best interests.
Angola has been a member of OPEC since 2007. Her discontent with OPEC stems from recent disagreements over production quotas.
Last Month, the country protested a proposed output cut for 2024, deeming it unfair and detrimental to its own economic goals.
Angola’s exit from OPEC throws the organisation’s future into uncertainty. Oil prices plunged on the news, with Brent crude dropping over $1 to $78.50 per barrel within minutes of the announcement. This decline reflects investor concerns about the potential for further instability within OPEC and its future ability to regulate global oil production.