MOSCOW, December 21Angolan Oil, Gas and Mineral Resources Minister Diamontino Azevedo said the country decided to leave OPEC because its role in the organization “was not significant,” Reuters reports.
Earlier, the local agency ANGOP, citing Azevedo, reported Angola's decision to leave OPEC.
«Angola decided to leave OPEC because its role in the organization was not significant and the country's participation in OPEC did not meet the country's interests,» the agency quotes the minister as saying.
According to Azevedo, if Angola were forced to cut oil production, it would be contrary to the country's goals.
In November, Angola's representative in OPEC, Estevan Pedro, stated that the country does not plan to leave OPEC+ due to disagreements between alliance members on oil quotas oil production.
A number of OPEC+ countries, at a meeting at the end of November, decided to “voluntarily” (not within the framework of OPEC+) reduce oil production by the end of the first quarter of next year. Saudi Arabia is extending its cuts by 1 million barrels per day, and a number of countries are making additional cuts totaling 700 thousand barrels. Russia, in turn, is extending and deepening the reduction in oil and petroleum products exports to 500 thousand barrels per day.
OPEC+ countries also agreed to adjust the quotas of a number of African countries for the next year — the maximum oil production level for Angola was reduced by 180 thousand barrels per day from the level approved at the meeting in June, to 1.11 million barrels per day, for The Republic of Congo and Nigeria increased by 1 thousand barrels and 120 thousand barrels per day, to 277 thousand and 1.5 million barrels per day, respectively. However, Angola stated that it does not agree with its quota and plans to produce more than the required level.