Angola to break away from OPEC, organization ‘not serving the country’s interests’

Angola is set to leave the Organization of the Petroleum Exporting Countries, commonly known as OPEC, according to early Thursday reports from local media outlets ANGOP and Jornal de Angola.

The country’s Mineral Resources Minister Diamantino Azevedo, reportedly the key man behind the decision, is quoted saying the organization ‘was not relevant and it was not serving the country’s interests.’

He added that so far the country has not been forced to cut production, ‘but if we were to remain in organization, this might happen sooner or later.’

Angola was among several countries assigned lower targets at OPEC+ latest meeting in June of this year.

Back in October, Reuters reported that the country was already producing less than its quota for 2024, according to assessments by independent sources.

OPEC, often characterized as the Oil Cartel, is a union of 13 countries that account for around 30% of global oil output.