Angola to leave OPEC over disagreement on oil production quotas
Al Jazeera
Oil minister says country ‘gains nothing’ from remaining in the group after disagreements emerge over production cuts.
Angola says it will leave the Organization of the Petroleum Exporting Countries (OPEC) over a disagreement regarding production quotas, a move that will bring the group down to 12 members.
Speaking on public television on Thursday, Diamantino Azevedo, minister for mineral resources, petroleum and gas, said Angola, which produces about 1.1 million barrels of oil a day, is leaving OPEC because it was not serving the country’s interests.
“We feel that … Angola currently gains nothing by remaining in the organisation and, in defence of its interests, decided to leave,” Azevedo was quoted as saying in a statement issued by the president’s office.
Angola, which first joined OPEC in 2007, has struggled to meet production quotas over the past several years. The country is joining others, such as Qatar and Ecuador, that have left OPEC in the past decade.
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