Angola's Departure from OPEC Sends Shockwaves through Producer Group
TL;DR Summary
Angola has announced its decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) after clashing with Saudi Arabia over production cuts. The African nation, which has been a member of OPEC since 2007, cited the need to focus on increasing its oil production as the reason for its resignation. Angola's departure comes at a time when OPEC and its allies are struggling to reach a consensus on production cuts amid the ongoing COVID-19 pandemic and its impact on global oil demand.
- Angola quits Opec oil cartel after Saudi Arabia clashes Financial Times
- Angola leaves OPEC, in blow to producer group Reuters
- Angola Quitting OPEC Is More Critical Than It Seems Bloomberg
- Angola to Leave OPEC After Production Quota Dispute The Wall Street Journal
- Angola Oil Minister On Local Tv : Time Came To Leave Opec Becaus… Marketscreener.com
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