Angola, which has been at odds with OPEC over reduced production restrictions this year, has declared that it is quitting the cartel of oil producers.
Angola joined OPEC in 2007 and its oil minister, Diamantino de Azevedo, told state news agency Angop that the country “does not gain anything by remaining in the organization.”
Conflicts about reduced oil quotas for certain African nations, such as Angola, caused OPEC’s November meeting—where the organization and its allies, led by Russia, decide how much oil to deliver to the world—to be delayed for the customary full day.
According to the organization, Angola’s output level was reduced to 1.11 million barrels per month during the conference following an assessment by three independent sources.
OPEC, led by Saudi Arabia, has been attempting to support oil prices, which have declined in recent months due to fears about too much petroleum moving in a faltering global economy, which may weigh on demand for oil for travel and industry.
Lower prices have benefited US drivers, who have been able to fill their gas tanks for less money in recent months, but have damaged OPEC oil producers’ profit lines.
This year, the price of US benchmark crude has decreased by 8%.
Oil prices have risen in recent days as Yemen’s Houthi rebels upped attacks on ships in the Red Sea and firms diverted vessels from going through the area, which transports vast amounts of the world’s energy supply 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.
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