{"id":9221,"date":"2023-12-24T11:25:32","date_gmt":"2023-12-24T11:25:32","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9221"},"modified":"2023-12-24T11:25:32","modified_gmt":"2023-12-24T11:25:32","slug":"angola-to-quit-opec-reducing-membership-to-12-countries","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9221\/","title":{"rendered":"Angola to quit OPEC, reducing membership to 12 countries"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Angola has said it is leaving the Organization of the Petroleum Exporting Countries (OPEC) with effect from Jan. 1 2024, after exits from Ecuador in 2020 and Qatar in 2019.<\/p>\n

Angola, which joined OPEC in 2007, produces about 1.1 million barrels per day, compared with 28 million bpd for the whole group, Reuters reported.<\/p>\n

Here are details on OPEC members, market share and Angola’s oil production.<\/p>\n

OPEC members, market share<\/strong><\/p>\n

OPEC was founded in 1960 by Saudi Arabia, Kuwait, Venezuela, Iran and Iraq. Angola joined the group in 2007. Since 2017, OPEC has worked with Russia and other non-members as part of the OPEC+ group to manage the market, in whose agreements Angola participated.<\/p>\n

Angola’s departure from OPEC will leave it with 12 members and crude oil production of about 27 million bpd, some 27% of the 102 million bpd world oil market.<\/p>\n

This further reduces OPEC’s share of the world market which stood at 34% in 2010.<\/p>\n

As well as the departure of some members, OPEC and OPEC+ decisions to cut production and rising output of non-OPEC countries including the United States have weighed on its market share.<\/p>\n

Angola’s oil production, quota dispute<\/strong><\/p>\n

In recent years, Angola has been unable to meet its OPEC+ output quota because of declining investment.<\/p>\n

For 2024, OPEC+ lowered Angola’s oil output target at a meeting last month to 1.11 million bpd. This followed a review by outside analysts to verify production figures for Nigeria, Angola and Congo.<\/p>\n

Angola, which had sought a quota of 1.18 million bpd, did not agree with this and sent a note of protest to OPEC.<\/p>\n

Other countries that left OPEC<\/strong><\/p>\n

Angola would join other nations with relatively small oil output that have left in recent years.<\/p>\n

Qatar in 2019 quit OPEC to focus on gas, which some analysts interpreted as a swipe at Saudi Arabia, the oil exporting group’s de facto leader.<\/p>\n

Ecuador left in 2020 and Indonesia suspended its membership in 2016.<\/p>\n

Countries that have joined OPEC<\/strong><\/p>\n

Some small producers have also joined OPEC in recent years. Equatorial Guinea became a full member in 2017 and Gabon re-joined in 2016. Congo became a full member in 2018.<\/p>\n

Updated on