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Energy

Angola announces withdrawal from OPEC due to production limits on oil production

Angola announced this Thursday its departure from the Organization of Petroleum Exporting Countries (OPEC), said the Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo.

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The information was transmitted by the government official on the sidelines of the tenth ordinary meeting of the Council of Ministers, led by the President of the Republic, João Lourenço, stating that this was a government decision.

"We feel that at this moment Angola gains nothing by remaining in the organization and, in defense of its interests, it decided to leave", said Diamantino Pedro Azevedo this Thursday, speaking to journalists, at the Presidential Palace, in Luanda.

He argued that this was a decision by the Council of Ministers and that it "was not taken lightly", considering that it makes no sense to be in an organization whose results do not serve the interests of Angola.

"This was not a decision taken lightly, we have been very active in the organization over the last six years, and so the time has come because our role in the organization was not relevant", he explained.

According to Diamantino Pedro Azevedo, Angola is a country that, when it has a seat in an international organization, likes to present its contributions "and from that contribution see results that serve" its interests.

"When this doesn't happen, we become redundant in this organization and there is no point in being present, but this does not take away our respect for the organization", he highlighted.

He recalled that Angola had an active and forceful participation in OPEC, "including making proposals so that the organization could even include other dimensions within its framework".

"And we believe that the time has come to focus more on our strategies, objectives and goals for our hydrocarbons sector and thus leave the organization so that it can continue on its path, which has been important in the stability of prices in the international market", he added.

The governor of Angola at OPEC said that Luanda, at the beginning of December, rejected the quota assigned by the cartel, which provided for a reduction, and will maintain the target of 1,180 thousand barrels per day for 2024.

Speaking to Lusa, at the end of the 36th ministerial meeting of this organization of 23 countries, in which production quotas for its members were decided from January 1, 2024, Estêvão Pedro said that Angola did not agree with the decision.

"We had already presented our data, taking into account the country's capabilities, but, in the meantime, the decision (by OPEC+) went against the amount we predicted", he highlighted.

OPEC+ presented a target of 1,110 thousand barrels/day, while Angola wants to produce an additional 70 thousand barrels.

According to the official, during the meeting, Angola reaffirmed its position, but contrary to the unanimity that has been usual, OPEC decided on a quota in which Angola does not agree.

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