Angola, in southern Africa, has announced that it will withdraw from OPEC = Organization of the Petroleum Exporting Countries. Angola is reported to have been reluctant to make coordinated production cuts to support crude oil prices, and there is a view that OPEC's influence will decrease.
Angola announced on the 21st that it would withdraw from OPEC. "Nothing can be gained by staying in OPEC, and we have decided to withdraw from OPEC to protect our own interests," the statement said.
OPEC, led by Saudi Arabia, and OPEC Plus, a group of non-member oil-producing countries such as Russia, held a ministerial meeting in November with the aim of making additional coordinated production cuts to support crude oil prices.
However, it was reported that some African countries, including Angola, were reluctant to cut production, and coordinated production cuts were postponed.
Angola's withdrawal brings the number of OPEC members to 11.
Angola's crude oil production is about 12.110 million barrels per day, which is not a large share of OPEC, so the impact on overall production is likely to be limited.
However, the American media Bloomberg pointed out that Angola's withdrawal 'revealed the underlying tension between OPEC members,' and there is also a view that OPEC's influence will decline, such as not being able to take unified actions in the future.