Angola Quits OPEC Membership Over Disagreement on Production Quotas

Angola has announced on Thursday, that it would quit membership from the Organisation for Petroleum Exporting Countries over a disagreement on production quotas.

According to reports, the decision is following the oil cartel’s decision last month to further slash output next year.

The decision was taken at a cabinet meeting chaired by President Joao Lourenco in the capital, Luanda.

The mineral resources and Petroleum minister, Diamantino Azevedo said “Angola has decided to leave. We think the time has come for our country to be more focused on our goals,” 

Azevedo said that the decision was not an easy one to make but OPEC membership no longer served the African country’s interests. 

“We feel that at this moment Angola gains nothing by remaining in the organization and, in defence of its interests, it decided to leave,” the presidency quoted Azevedo as saying in a statement.”

It was also reported that after the meeting, Lourenco signed a decree to officialise the matter. 

Azevedo told state broadcaster TPA that Angola is unhappy with OPEC’s decision last month to further slash production next year in an effort to prop up volatile prices.

Chioma Kalu

The post Angola Quits OPEC Membership Over Disagreement on Production Quotas appeared first on Arise News.