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.
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.