Angola, a significant oil producer in Africa and a key member of the Organization of the Petroleum Exporting Countries (OPEC), has formally declined the proposed production quota for the year 2024. Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, affirmed the nation’s decision, indicating a departure from OPEC’s recommended allocations for both member and non-member countries.
This announcement was made during the 26th OPEC+ Meeting, where the organization suggested a production quota of 1.11 million barrels of crude oil per day for OPEC and non-OPEC members for the year 2024. Angola is committed to maintaining a production quota exceeding 1.18 million barrels of crude oil per day. The country aims to achieve energy security and stimulate gross domestic product growth by optimizing the production, exploitation, and monetization of its oil resources.
Azevedo stated, “Due to the fact that the decision was not taken unanimously and is against Angola’s position, we reiterate our proposal for a quota of 1.18 million barrels of crude oil for the year 2024.” He emphasized Angola’s more than 16 years of OPEC membership and its compliance with all obligations and collaborative efforts to stabilize the international oil market under the OPEC and Non-OPEC Declaration of Cooperation (OPEC+).
