Angola To Exit OPEC

Angola will exit OPEC, stated-owned Jornal de Angola reported, citing Mineral Resources Minister Diamantino Azevedo.

• Latest report did not yet disclose the full picture as to why Angola aims to leave the producer group, however, it is likely due to the country’s new adjusted crude output baseline.
• At the last OPEC+ ministerial meeting the group adjusted Angola’s crude oil output to 1.1mbpd, below the 1.28mbpd previously planned for 2024 and down from 1.455mbpd in 2023.
• Shortly after the meeting, Angola’s OPEC governor Estevao Pedro said the country is not planning to stick to its new OPEC+ quota of 1.11mbpd for 2024, and will instead produce 1.18mbpd.
• “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.
• Angola’s oil minister Diamantino Azevedo walked out of the June ministerial OPEC+ meeting and was not planning to attend the meeting on 30 November over discontent on African quota adjustments.
• “The question of whether Angola remains in the OPEC is a decision at the highest level of authority,” Pedro said prior to the last OPEC meeting.
• Shortly after the headlines of Angola leaving the producer group, crude prices eased back further to the lowest level since 19 December.
• Brent FEB 24 down -1.1% at 78.82$/bbl
• WTI FEB 24 down -1.1% at 73.41$/bbl