Angola Leaves OPEC In Blow To Oil Producer Group
Angola said it would leave OPEC in a blow to the Saudi-led oil producer group that has sought in recent months to rally support for further output cuts to prop up oil prices.
It joins other mid-sized producers Ecuador and Qatar that have left OPEC in the past decade.
“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 presidency statement.
International oil prices dropped by as much as 2.4 per cent on Thursday as analysts said the departure raised questions about the unity of OPEC and OPEC+, the wider group that includes Russia and other OPEC allies.
OPEC+ implemented a new round of oil output cuts in January to try to strengthen the market.
