Angola earlier joined Opec in 2007 however has disagreement with Saudi Arabia at latest meeting on a point to lower its production baseline. The level from which each opec members output quota is calculated to show decrease in the country production ability.
The decision is outcome after the producer group lowered Angola’s oil output aim previous month as part of a continuous decline head by Saudi Arabia to assist prop up prices.
The departure is big blow to the Opec however it does not hamper the group ability to influence the market. Angola $1.2mn barrels a day production show 2 per cent of the total output of the Opec+ alliance which involve Russia.
Angola has been trying hard to turn around decreasing production almost a decade.The decision was approved by President Joao Lourenco and declared by oil minister Diamantino de Azevedo.
Angola has been one of members having showed various meeting walkouts in latest past at the Secretariat.Angola had never look agree to terms with June agreement which permit fellow Opec member the UAE to climb it baseline for 2024.
Earlier Angola walked out of an Opec meeting in June 2023 but ultimately agree along with Republic of Congo and Nigeria for its production baseline to be recheck by third party independently. After review 3 countries baseline for 2024 were declined at the final Opec meeting in November.
The international crude oil standard Brent decline 1.8 per cent to $78.26 a barrel on Thursday.