Angola announces withdrawal from OPEC

FOREX LIVE

Angola has been part of OPEC since 2007 and they alongside Congo and Nigeria, have failed to meet their respective output targets for years now. This resulted in pressure from Saudi Arabia to force them to accept lower output targets for next year. According to Reuters (citing independent sources from OPEC), Angola has been pumping less than its quota for 2024 as of October this year.

For some context, Angola had last month rejected the new output quota handed to it by OPEC and said it planned to breach it. That played a part in the spat among OPEC members that delayed the meeting in late November.