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Angola’s OPEC Exit Won’t Impact Oil Market Balance: DNB

OIL

Angola’s decision to leave OPEC will not affect oil market or alter the group’s production dynamics, according to DNB Markets’ Helge Andre Martinsen.

  • "Angola has produced at maximum capacity for years and will continue to do so," Martinsen said in a note. "We do not expect a more widespread fracturing of cohesion and compliance within the group."
  • Angola exited the group after OPEC revised down Angola’s production quota in 2024 to 1.11m b/d. Angola says it wants to produce 1.18m b/d.

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