https://sputnikglobe.com/20231221/angola-explains-decision-to-quit-opec-1115727336.html
Angola Explains Decision to Quit OPEC
Angola Explains Decision to Quit OPEC
Sputnik International
Angola quits OPEC due to the country's role in the organization not deemed relevant, Reuters reported on Thursday, citing Angolan Oil Minister Diamantino Azevedo.
2023-12-21T14:05+0000
2023-12-21T14:05+0000
2023-12-21T14:05+0000
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Angola's decision to leave OPEC comes as a result of its narrowing role, the minister explained, adding that OPEC membership was no longer in the country's national interests. OPEC seeks to enforce cooperation among global oil-producing leaders in order to collectively influence the international oil market and maximize profits. Angola's announcement comes after 16 years of membership amid disputes regarding oil production quotas.OPEC's makeup has changed over the years, with a number of countries first leaving, and later re-entering the organization. With Angola's departure, OPEC will now be comprised of 12 states: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
https://sputnikglobe.com/20231213/opec-keeps-forecast-for-2023-world-oil-demand-unchanged-at-1021mln-bpd-1115555052.html
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angola leaves opec, who is in opec, what countries are in opec, recent changes in opec
angola leaves opec, who is in opec, what countries are in opec, recent changes in opec
Angola Explains Decision to Quit OPEC
MOSCOW (Sputnik) - Angola is quitting the Organization of the Petroleum Exporting Countries (OPEC) due to authorities not deeming the country's role in the organization to be relevant, Reuters reported on Thursday, citing Angolan Oil Minister Diamantino Azevedo.
Angola's decision to leave OPEC comes as a result of its narrowing role, the minister explained, adding that OPEC membership was no longer in the country's national interests.
"If Angola were forced to cut production, it would go against its goals", Azevedo noted.
OPEC seeks to enforce cooperation among global oil-producing leaders in order to collectively influence the international oil market and maximize profits. Angola's announcement comes after 16 years of membership amid disputes regarding
oil production quotas.
13 December 2023, 13:16 GMT
OPEC's makeup
has changed over the years, with a number of countries first leaving, and later re-entering the organization. With Angola's departure, OPEC will now be comprised of 12 states: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
