Angola officially exits OPEC: summary

What we know

• The Government of Angola has sent the Organization of Petroleum Exporting Countries (OPEC) the document that formalises its voluntary exit, as of January 1, 2024. Angola has been a member of the Organization for more than 16 years.
• The country's exit follows the 36th Ministerial Meeting of OPEC, held on 30 November this year, which decided to grant Angola a quota production of 1,110 million barrels of crude oil per day.
• Angola’s Minister of Mineral Resources, Petroleum and Gas explained that the decision contradicted Angola's proposal to produce 1,180 million barrels of crude oil per day, in 2024.
• This means that Angola would be forced to cut its production by 70 thousand barrels of oil per day hence its exit from the organization.
• OPEC members include Iran, Algeria, Saudi Arabia, and 10 others. Angola’s exit brings the number of members to 12 nations.

What they said

“The Government of Angola hereby communicates the decision to withdraw from the Organization of Petroleum Exporting Countries, with effect from January 1, 2024, in accordance with Presidential Decree No. 233/23 of December 21”, the Ministry of Mineral Resources and Petroleum said, quoted by local media Angop.