"Angola announces exit from OPEC amid spat over oil quotas"

" \r\n \r\n Angola announces exit from OPEC amid spat over oil quotas \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \u00a0Angola announced it\u2019s leaving OPEC following 16 years of membership amid a fractious dispute over oil production quotas. \r\nLuanda had rejected a reduced output limit imposed by the leaders of the cartel to reflect the country\u2019s dwindling production capacity. State-owned Jornal de Angola reported the decision, citing Mineral Resources Minister Diamantino Azevedo.\r\n\r\nAngola\u2019s departure will shrink membership of the Organization of Petroleum Exporting Countries to 12 nations. Led by Saudi Arabia, the group and its allies have been reining in supplies to shore up flagging oil prices. Brent futures slipped 1% on Thursday to trade just below $79 a barrel.\r\n\r\n\u201cIt was not a decision made lightly \u2014 the time has come,\u201d Azevedo said after a cabinet meeting. \u201cOur role in the organization was not deemed relevant.\u201d\r\n\r\nLuanda\u2019s clash with OPEC\u2019s leadership began in the summer, when it was asked to accept a reduced production target for 2024 that recognized its fading abilities. The country\u2019s output has collapsed about 40% over the past eight years to about 1.14 million barrels a day as it fails to invest sufficiently in aging, deepwater oil fields, Bloomberg data shows.\r\n\r\nIt was promised a review by external consultants, but this produced an even worse outcome: At its latest meeting last month, OPEC imposed a lower quota of 1.1 million barrels a day, below the nation\u2019s current output.\r\n\r\n\u201cAs a country, when we participate, it is to contribute, expecting results that align with our interests,\u201d Azevedo said. \u201cWhen this doesn\u2019t occur, we become redundant, and it no longer makes sense for us to remain in the organization.\u201d\r\n\r\nSeveral other members have quit the group in recent years, for different reasons: Qatar, Indonesia and most recently, Ecuador. OPEC, headquartered in Vienna, didn\u2019t immediately comment.\r\n \r\n \r\n \r\n \r\n \r\n \r\n "

"Angola announces exit from OPEC amid spat over oil quotas"

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