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Oil Giant Angola to Exit OPEC in Output Quota Clash

Angola, a major oil producer in Africa, has decided to leave the Organization of the Petroleum Exporting Countries (OPEC). 

The decision stems from OPEC's move to further cut oil output in 2024, which Angola felt would hinder its economic growth. 

This departure marks another blow to OPEC's unity and could potentially destabilize global oil markets, causing oil prices to fluctuate. While Angola's contribution to OPEC's total production is relatively small, its decision highlights growing tensions within the cartel and raises concerns about its ability to effectively regulate the global oil market.

Despite leaving OPEC, Angola remains a major oil producer, the second-largest in Africa. The country's future oil strategy remains unclear, with speculation mounting about potential independent production plans or partnerships with other non-OPEC nations.

InFocus

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