Angola Left OPEC to Help Sustain Oil Production Above 1 Million Barrels a Day
- OPEC quota didn’t meet Angola’s needs or capability: minister
- Country quit the oil cartel after membership lasting 16 years
The flare on a Floating Production Storage and Offloading vessel off the coast of Angola.
Photographer: Rodger Bosch/AFP/Getty ImagesThis article is for subscribers only.
Angola quit OPEC because its quota limits hindered the country’s plans to stabilize crude production above 1 million barrels a day, according to the country’s top oil official.
The African nation’s December exit from the Organization of Petroleum Exporting Countries came after the cartel imposed a much lower output limit. The tighter cap was too much for Angola, which is making efforts to boost investment after many years of underinvestment and production decline.