Angola announces withdrawal from OPEC amid dissatisfaction with production quotas
Angola's leadership has approved the country's withdrawal from the Organization of Petroleum Exporting Countries (OPEC). This was stated with reference to the statement of the Minister of Mineral Resources, Oil and Gas Diamantino Azevedo reports local news agency ANGOP.
The note indicates that the decision was made at a meeting of the Council of Ministers of the Republic under the leadership of the country's President João Lourenço.
Angola warned of a radical move after it deemed new production quotas too low. Her position became one of the reasons for postponing the OPEC+ ministerial meeting in Vienna, scheduled for November 26, but which took place only on November 30.
Nigeria and Congo also expressed their complaints about OPEC+ plans to reduce production. Their demarche was also one of the reasons for analysts to doubt that the merger is able to influence the market as it did before. In addition, the new decline seemed insufficient to market participants to support prices.
In particular, Reuters analyst Clyde Russell called the OPEC+ decision a sign of the cartel's impotence. In his opinion, the reduction can be compensated by other market participants who are not bound by obligations.
Against this background, oil prices went down immediately after the summit. A sharp increase in production in the United States and an increase in commercial reserves in the country have cast doubt on statements about a shortage of raw materials on the market.
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