Angola has announced it is LEAVING the oil producers’ organization; OPEC over a dispute on output quotas.
Diamantino de Azevedo, the African nation’s oil minister, said Angola “does not gain anything by remaining in the organization,” which it joined in 2007.
Angola and Nigeria are the two biggest oil exporters in sub-Saharan Africa.
It follows last month’s decision by the 13-member cartel and 10 allied nations to further slash oil production in 2024 to prop up volatile global prices.
Angola currently produces about 1.1 million barrels per day, of the 30 million from the whole of OPEC.