Angola Exits OPEC

• 29 Dec 2023

Angola, one of Africa’s two biggest oil producers, has announced it is leaving the oil producers’ organization Organization of the Petroleum Exporting Countries (OPEC) over a dispute on output quotas.

• OPEC and 10 allied nations decided to further slash oil production in 2024 to prop up volatile global prices, which Angola said goes against its policy of avoiding decline and respecting contracts.
• The OPEC (headquartered in Vienna, Austria) is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
• Angola joined the group in 2007 and is not the first country to leave the cartel.
  • Ecuador, Indonesia and Qatar have all done the same.
• Angola’s departure from OPEC will leave it with 12 members.

Read More: 6th India-OPEC Energy Dialogue