Angola Explains Decision to Quit OPEC

© Sputnik / Alexey VitvitskyOPEC+ member-states' meeting, 6 December 2019.<img src="https://cdn1.img.sputnikglobe.com/img/107888/64/1078886457_0:151:3106:1898_1920x0_80_0_0_78bdbac9e3e39ea92e8be2ac699de7a5.jpg" width="1920" height="1080">© Sputnik / Alexey Vitvitsky / SubscribeMOSCOW (Sputnik) - Angola is quitting the Organization of the Petroleum Exporting Countries (OPEC) due to authorities not deeming the country's role in the organization to be relevant, Reuters reported on Thursday, citing Angolan Oil Minister Diamantino Azevedo. Angola's decision to leave OPEC comes as a result of its narrowing role, the minister explained, adding that OPEC membership was no longer in the country's national interests. "If Angola were forced to cut production, it would go against its goals", Azevedo noted.OPEC seeks to enforce cooperation among global oil-producing leaders in order to collectively influence the international oil market and maximize profits. Angola's announcement comes after 16 years of membership amid disputes regarding https://sputnikglobe.com/20231130/opec-preliminary-agrees-to-cut-oil-production-by-over-1mln-barrels-per-day---reports-1115301982.html
, with a number of countries first leaving, and later re-entering the organization. With Angola's departure, OPEC will now be comprised of 12 states: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela. 

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