Angola Quits OPEC Amid Disagreement Over Oil Production Quotas
- Luanda had rejected lower output cap imposed by group leaders
- Role in organization ‘was not deemed relevant,’ minister says
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Angola announced it’s leaving OPEC after 16 years of membership amid a dispute over oil production quotas, while the cartel tries to buoy global prices.
Luanda had rejected a reduced output limit imposed by the leaders of the cartel to reflect the country’s dwindling capacity. While the superficial blow to OPEC’s unity briefly weakened crude prices, the split won’t impact oil supplies from the country or the organization as a whole.