NewStats: 3,264,421 , 8,183,691 topics. Date: Wednesday, 11 June 2025 at 02:48 AM 486l

Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) because hip is not serving its interests, oil minister Diamantino Azevedo said on Thursday.

Angola, which ed OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million bpd for the whole group.

Confirming an earlier report by local news agency ANGOP, Azevedo told public television the decision to leave was because OPEC hip was not serving Angola's interests, but did not give further details.

Oil prices extended losses on the news, with Brent prices down over $1 to $78.50 a barrel by 1250 GMT.

Angola's exit is a setback for OPEC and its allies, just as the group tries to get to cut output to prices.

Last month, Azevedo's office protested a decision by OPEC to cut its production quota for 2024. Bloomberg also quoted Angola's OPEC Governor Estevao Pedro as saying the country was unhappy with its 2024 target and did not plan to stick to it.

Disagreements over African output quotas had earlier helped delay a meeting of the wider OPEC+ oil producer group.

SOURCE

Flooding the market with crude oil will lead to a glut which will not help anyone whether or not you're a member of OPEC

Good

African oil giant ..the awakening

Country wey get balls

Never follow herd mentality

.

Now can the African get sense and do something smart? Or they still dragging feet?

hmmm

Joao Lorenco is just clueless, This man has been destroying the Legacy of Dos Santos with nothing to show for it.
Angola oil industry was better off when Isabel dos Santos was in charge.

Nation with balls

While here in Nigeria we belong to all the groups in the world and yet nothing is working

Bold step.Enough of being tied to the apron string of the west in all matters and decision-making.

Anyone hailing Angola on leaving OPEC...should know it is bad news for Nigeria.

Oil prices fell on the news. Know what that means? It means Angola is free to produce and pump as much oil as it wants without any pesky OPEC quota...which means lower oil prices long term because of the resultant glut.

Angola is also free to sell crude at a lower price than the OPEC benchmark if it wants...especially if it needs the money now. (That's part of how Russia survives US sanctions, sports fans).

This weakens our revenue stream drastically, meaning we have to take more and more loans, or the government would have to raise your taxes well well, in the short term at least.

So, don't rejoice.

Modified

The thing that even scares me is the fact that everyone is discovering oil. Zambia, Uganda and even Benin have all found oil. Yes, it is not as high as Nigeria, but more oil in the market means lower prices for oil...which means lower revenue.

Modified 2

Know who benefits from a glut induced low crude price? Europe and the USA. It enables fuel prices there to fall, and their governments benefit as a result.

That's some Bold step

I wouldn't blame them. OPEC seem to have outlived its usefulness.
Saudi Arabia with less oil than they claim to have keep manipulating the organization to their benefit.
I'm yet to see the benefit of that Organization especially to Nigeria!
Russia is not a member but benefits more from it and also, exacts more influence over that organization than Nigeria.
All Nigeria needs to do is, solve the problems with oil theft, stop the oil banditry in the Niger delta region to increase production.
To hell with OPEC! In the end its all about National interest as Angola rightly puts it.

Nigerians love associations so much that this can only occur in their dreams.

They only thing they can do perfectly well is disobey court rulings?

Everybody has to protect their interests....Same cannot be said about our own country

Okay, waiting for our country

When African countries stand up for themselves, I get a hard-on.

OMOx4:
Nigeria should follow suit immediately

Nigeria is not even meeting the production output allorted to them

If not for OPEC oil producing nations will pump lot of oil into the market without hesitation

The qouta given to oil producing nations tend to stabilize oil prices,If not oil prices could be averaging 20 to 25 dollar per barrel.

We as Nigerians are not enjoying the crude oil gift from God.
Tinubu ed a 2trillion naira supplementary budget last 2 months as palliatives for lawmakers to purchase 409 SUV for each lawmaker at 150m each.
His wife got 150b Naira in her first lady office.
Tinubu bought 5b yatcht for himself.He gave Nigerians nothing.We are sacrificing for them.

nairalanda1:
Anyone hailing Angola on leaving OPEC...should know it is bad news for Nigeria.

Oil prices fell on the news. Know what that means? It means Angola is free to produce and pump as much oil as it wants without any pesky OPEC quota...which means lower oil prices long term because of the resultant glut.

This weakens our revenue stream drastically, meaning we have to take more and more loans, or the government would have to raise your taxes well well, in the short term at least.

So, don't rejoice.

How oil don help us? Make our revenue kukuma finish, so hunger go force us to dig our grounds and our brains. Since na only oil we wan use prosper... Country of over 200 million disted fellows.

Much expected

Next Nigeria

Na only Nigeria no get shame.