Africa’s second largest oil producer Angola leaves OPEC after disagreements over production targets

• Africa’s second biggest oil producer, Angola has said that it is leaving OPEC after disagreements over its production targets, in a blow to the oil cartel chaired by Saudi Arabia. The decision was taken at a cabinet meeting and approved by President João Lourenço. The decision comes after the producer group lowered Angola’s oil output target last month as part of a series of cuts led by Saudi Arabia to help prop up prices.
• Angola joined OPEC in 2007 but has clashed with Saudi Arabia at recent meetings over attempts to lower its production. It walked out of an OPEC meeting in June, but eventually agreed along with Nigeria and the Republic of Congo for its production baseline to be reviewed by an independent third party. Angola has been battling to turn around declining production for nearly a decade.

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Published date : 23 Dec 2023 10:37AM