Angola Announces Withdrawal from OPEC

Angola's Minister of Oil stated today, Thursday, that "Angola will withdraw from the Organization of the Petroleum Exporting Countries (OPEC), as its membership does not serve its interests." Angola, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared to the group's total production of 28 million barrels per day. Confirming a previous report from the Angolan news agency (Angop), Azvedo stated in a government television interview: "The decision to leave was made because OPEC membership does not serve Angola's interests," but he did not provide further details. Following this news, oil prices continued to decline, with Brent crude dropping by more than a dollar to $78.50 per barrel by 12:50 GMT. Angola's departure represents a setback for OPEC and its allies, as the group attempts to encourage members to cut production to support prices.