Current:Home > MyAngola is leaving OPEC oil cartel after 16 years after dispute over production cuts-DB Wealth Institute B2 Expert Reviews
Angola is leaving OPEC oil cartel after 16 years after dispute over production cuts
View Date:2024-12-23 22:51:20
LONDON (AP) — Angola announced Thursday that it’s leaving the OPEC oil producers cartel, coming after it battled with the group over lower production quotas this year.
Diamantino de Azevedo, the African nation’s oil minister, said Angola “does not gain anything by remaining in the organization,” according to state news agency Angop. The country joined OPEC in 2007.
Disagreements over lower oil quotas for some African countries, including Angola, led to an usual dayslong delay to OPEC’s November meeting, where the group, along with allied producers led by Russia, decide how much oil to send to the world.
At the meeting, Angola’s production level was dropped to 1.11 million barrels per month after an assessment by the three independent sources, the organization said.
OPEC, led by Saudi Arabia, has been trying to bolster oil prices that have fallen in recent months over concerns about too much crude circulating in a weakening global economy, which could weigh on the thirst for oil for travel and industry.
The lower prices have been a good thing for U.S. drivers, who have been able to fill their gas tanks for less money in recent months but have hurt the bottom line of OPEC oil producers. The price of U.S. benchmark crude has fallen 8% this year.
Oil prices have gotten a boost in recent days as Yemen’s Houthi rebels have escalated attacks on ships in the Red Sea and companies have diverted vessels from traveling through the area, where huge amounts of the world’s energy supplies transit between the Middle East, Asia and Europe.
While losing Angola, OPEC announced at its meeting last month that it was bringing Brazil into the fold, a major oil producer that has been producing record amounts of crude this year, according to the International Energy Agency.
An OPEC spokesman didn’t immediately respond to an email seeking comment.
veryGood! (625)
Related
- California voters reject measure that would have banned forced prison labor
- Selena Gomez Hilariously Flirts With Soccer Players Because the Heart Wants What It Wants
- ‘This Is an Emergency’: 1 Million African Americans Live Near Oil, Gas Facilities
- Alligator attacks and kills woman who was walking her dog in South Carolina
- What does the top five look like and other questions facing the College Football Playoff committee
- World’s Current Fossil Fuel Plans Will Shatter Paris Climate Limits, UN Warns
- Man in bulletproof vest fatally shoots 5, injures 2 in Philadelphia; suspect in custody
- That $3 Trillion-a-Year Clean Energy Transformation? It’s Already Underway.
- Sister Wives’ Christine Brown Shares Glimpse Into Honeymoon One Year After Marrying David Woolley
- How Khloe Kardashian Is Setting Boundaries With Ex Tristan Thompson After Cheating Scandal
Ranking
- Chicago Bears will ruin Caleb Williams if they're not careful | Opinion
- Man in bulletproof vest fatally shoots 5, injures 2 in Philadelphia; suspect in custody
- Video shows people running during Baltimore mass shooting that left 2 dead and 28 wounded
- Mattel's new live-action “Barney” movie will lean into adults’ “millennial angst,” producer says
- 32-year-old Maryland woman dies after golf cart accident
- Texas teen who reportedly vanished 8 years ago while walking his dogs is found alive
- Jon Gosselin Addresses 9-Year Estrangement From Kids Mady and Cara
- Jessica Alba Praises Her and Cash Warren’s “Angel” Daughter Honor in 15th Birthday Tribute
Recommendation
-
Republican Scott Baugh concedes to Democrat Dave Min in critical California House race
-
They Built a Life in the Shadow of Industrial Tank Farms. Now, They’re Fighting for Answers.
-
Beyond Standing Rock: Environmental Justice Suffered Setbacks in 2017
-
Power Plants’ Coal Ash Reports Show Toxics Leaking into Groundwater
-
Volkswagen, Mazda, Honda, BMW, Porsche among 304k vehicles recalled: Check car recalls here
-
How Britney Spears and Sam Asghari Are Celebrating Their Wedding Anniversary
-
Overstock CEO wants to distance company from taint of Bed Bath & Beyond
-
Thousands of Low-Income Residents in Flooded Port Arthur Suffer Slow FEMA Aid