Angola has been a part of OPEC since 2007 they usually alongside Congo and Nigeria, have failed to satisfy their respective output targets for years now. This resulted in strain from Saudi Arabia to drive them to simply accept decrease output targets for subsequent yr. Based on Reuters (citing impartial sources from OPEC), Angola has been pumping lower than its quota for 2024 as of October this yr.
For some context, Angola had final month rejected the brand new output quota handed to it by OPEC and stated it deliberate to breach it. That performed an element within the spat amongst OPEC members that delayed the assembly in late November.
It’s fairly a uncommon sight already to see such open defiance by any OPEC members, not to mention to see one really be courageous sufficient to go away the bloc. For some added background, Angola is Africa’s second-largest crude producer. Will there be different members to comply with of their footsteps subsequent?
