Angola set to leave OPEC, oil minister confirms

(Sharecast News) - Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) which is thought to be in response to the cartel's demands to cut output to ensure price stability. Confirming earlier chatter from domestic news agency ANGOP, Angola's oil minister Diamantino Azevedo spoke on public television to say that being part of OPEC was no longer in the country's best interests.

Reports last month pointed to Azevedo's disappointment with OPEC's decision to reduce Angola's output quota for 2024.

Angola is one of the largest oil producers in Africa, but accounts for just 1.1m of the near-30m barrels of oil per day produced by OPEC's members combined, according to the organisation's website.

Nevertheless, oil prices dropped further on the news, with Brent crude down 1% at $78.91 a barrel in London, extending recent losses after reaching a 52-week high of $95.96 in September.