Angola exits OPEC

Confirming reports from local news agency ANGOP, Azevedo, in an interview with public television, cited the departure as a strategic move for Angola without providing specific details. The announcement triggered a decline in oil prices, with Brent prices experiencing a drop of over $1 to $78.50 a barrel by 1250 GMT.

Angola's departure marks a setback for OPEC and its collaborative efforts to stabilize prices through output reductions. The decision follows a protest from Azevedo's office last month regarding OPEC's decision to reduce its production quota for 2024. Angola's OPEC Governor Estevao Pedro expressed discontent with the 2024 target, stating that the country did not plan to adhere to it. Earlier disagreements over African output quotas had contributed to delays in a meeting of the broader OPEC+ oil producer group.