Angola's Departure Weakens OPEC's Power and Drives Down Oil Prices

Angola has announced its decision to leave OPEC, citing dissatisfaction with the oil cartel's push for lower production ceilings. The move comes after Saudi Arabia orchestrated a reduction in oil output quotas for Angola and other countries, while increasing the ceiling for the United Arab Emirates. Angola, once a promising oil producer, has seen its output decline by nearly 40% in the past eight years, making it less attractive for investment. The country believes that staying in OPEC no longer benefits its interests. This decision highlights the challenges faced by OPEC as it tries to balance production restraints with surging production outside the organization, particularly from the United States.