On December 21st, Angola's Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, announced that Angola would withdraw from the Organization of the Petroleum Exporting Countries (OPEC).
According to reports, Angola's decision to withdraw from OPEC was made at a ministerial meeting, and Angolan President Jo ã o Lorenzo signed a presidential decree on December 21.
Azevedo stated that in order to safeguard its own interests, Angola has decided to withdraw from OPEC. He said that Angola has been committed to promoting the "modernization" of OPEC, but has not benefited from it in any way.
On November 30th, the Ministry of Mineral Resources, Oil and Gas of Angola issued a statement stating that OPEC has set an average daily production quota of 1.11 million barrels of Angolan crude oil, which is inconsistent with the proposed daily average of 1.18 million barrels proposed by Angola. Angola has submitted a protest letter to the OPEC Secretariat regarding this matter.
According to data from the Angola National Oil, Gas and Biofuels Bureau, Angola's daily crude oil production in November was approximately 1.08 million barrels.
It is understood that Angola joined OPEC in 2006. After Angola's withdrawal, the number of OPEC members will decrease to 12.