Angola's Departure from OPEC Sends Shockwaves through Producer Group
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.