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Angola’s OPEC Exit Could Open Up Chinese Investment

OIL

Angola’s withdrawal from OPEC could open the way for further investment from China, according to Reuters.

  • This month, China and Angola signed an agreement to boost cooperation.
  • "China stands out as a pivotal and proven partner," Angola's Foreign Minister Tete Antonio said during a visit to Beijing when the deal was signed.
  • "If they feel there is scope for them to find new investment from China to grow oil production, then perhaps that's the source of motivation to re-engage with the Chinese," Yvette Babb, portfolio manager at William Blair, said, cited by Reuters.
  • China gave significant loans to Angola to fund its post war reconstruction.
  • Chinese firms have invested around $14 billion in Angola in the last decade.
  • Angola’s recent production has struggled due to a lack of investment. Angola is targeting an output of 1.18m b/d in 2024.
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