Angola, a significant player in Africa’s petroleum sector, has officially declared its decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC). The announcement was made by Diamantino Azevedo, Angola’s Minister of Mineral Resources, Petroleum & Gas, during the 10th Session of the Council of Ministers convened under Angolan President João Lourenço.
Angola’s decision to exit OPEC stems from the organization’s resolution last June to impose lower production quotas on both Angola and Nigeria. Currently producing around 1.1 million barrels per day, Angola has expressed intentions to increase its output in the future.
Minister Azevedo explained that Angola’s departure is motivated by a perceived lack of benefits derived from its membership in the organization. He noted, “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 with the aim of fostering collaboration with other oil-producing nations. Both Angola and Nigeria consistently rank among the top oil producers in Africa.
