Angola last week announced it was leaving the Organization of Petroleum Exporting Countries (OPEC) effective. Jan. 1, 2024. The country’s oil minister, Diamantino Azevedo said OPEC membership was no longer in the country’s best interests. Angola produces 1.19 million b/d of oil of OPEC’s 28-million b/d total.
OPEC+’s 2024 production quotas, established in June 2023, lowered targets for nine of the extended organization’s 23 countries, including Angola. Both Angola and Nigeria opposed the lower targets.
OPEC+ was formed in 2016, when 10 other oil-producing countries led by Russia joined forces with OPEC in response to rapidly expanding US shale production. Brazil said last month it would join the coalition from January 2024 (OGJ Online, Nov. 30, 2023).
Ecuador left OPEC in 2020, and Qatar in 2019. Angola’s exit will drop membership to 12.
