Malanje — Economist Francisco Tavares today considered Angola's exit from the Organization of Petroleum Exporting Countries (OPEC) as a wise decision, which will attract more investors in the sector in the country and allow greater revenue collection by the State.

In an interview with ANGOP, the expert said that, until then, Angola had benefited little from the production limits imposed by the cartel, so the departure, as of January 1, 2024, will allow to increase production levels and the profits for companies operating in the sector, and consequently the increase in foreign exchange for the country.

He said that the measure was too late, arguing that Angola's membership of OPEC was a disadvantage in attracting new investors, given the production quota established by the organisation of 1.110 million barrels of crude oil per day.

The same view is shared by the specialist in Financial Markets, Filipe Bondo, who stressed that the decision will give autonomy to the country and ensure production that can be advantageous.

On the other hand, he expressed his concern about the fragility of the intercontinental protection that OPEC had been conferring on the country in the crude oil market.

It should be recalled that Angola protested, at the beginning of the month, the decision of the 36th ministerial meeting of OPEC+ to allocate a production quota of 1.110 million barrels of crude oil per day, while the Angolan proposal suggested 1.180 million barrels per day.

OPEC is an intergovernmental organization of 13 nations, founded on September 15, 1960 in Baghdad by the five founding members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela).

It has been headquartered since 1965 in Vienna, Austria, and as of September 2018, the 14 member countries accounted for 44% of global oil production and 81.5% of the world's proven reserves.

OPEC enjoys a great deal of influence on global oil prices, previously determined by the so-called 'Seven Sisters' grouping of multinational oil companies. ACC/PBC/TED/DOJ