Angola Does Not Plan to Stick to New OPEC Quota

Angola is not planning to stick to its new OPEC+ quota of 1.11mbpd for 2024, Angola’s OPEC governor Estevao Pedro said, cited by Bloomberg.

• Angola’s oil production baseline for 2024 has been revised down to 1.11mbpd, down from 1.455mbpd in 2023. Initially, Angola’s quota was planned to be lowered to 1.28mbpd, according to the last OPEC meeting in June. Angola plans to pump 1.18mbpd from January – above its quota, the OPEC governor said.
• OPEC secondary sources data showed, the country pumped 1.172mbpd of oil in October.
• “We will produce above the quota determined by OPEC. It’s not a matter of disobeying OPEC; we presented our position, and OPEC should take it into consideration,” Pedro said.
• Pedro said last week that the country would remain an OPEC member despite the dispute.
• “The question of whether Angola remains in the OPEC is a decision at the highest level of authority,” he said.
• Platts reported earlier this month the Angolan oil minister will sit out the OPEC+ meeting over apparent discontent around African members upcoming production quotas. Diamantino Azevedo walked out of the June meeting because of tighter quotas for the West African nations.