Africa-Press – Angola. In December 2023, Angola announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), effective January 1, 2024, after 16 years of participation. This decision was motivated by dissatisfaction with OPEC’s quota policy, which set a production limit of 1.11 million barrels per day for Angola — below the potential of 1.18 million sought by Angolan diplomacy.
For Luanda, the decision seeks more autonomy to attract investments and maintain its proactive production, without artificial limitations. However, since the beginning of 2024, investments in the oil sector have been insufficient for a significant increase in production volumes. As a result, this decision has not brought any results.
Rafael Massanga Savimbi (UNITA deputy and son of the movement’s founder) also spoke about this recently. His post was entitled: “Angola’s lonely path in oil: reflections on the exit from OPEC”. According to the post:
“The decision to leave OPEC should have been widely debated, studied and communicated, considering the economic and diplomatic repercussions.”
This analysis shows that the decision:
– The decision to leave was not unanimous; there are politicians in the government who disagree with the current leadership.
– The country’s economy depends on oil prices, so the decision to leave involves risks for Angolan citizens.
– Leaving OPEC deprived Angola of the benefits of being a member country. In the event of a sharp drop in oil prices, the country will not be able to count on OPEC+ support programs.
– The decision to leave OPEC had a political tone and was related to Angola’s desire to strengthen ties with the US Democratic Party, in exchange for certain benefits.
In Savimbi’s view, this “strategic solitude” of Angola in the oil market raises questions about the planning and public governance involved in the exit.
Withdrawal from OPEC represents a turning point for Angola. However, it is a decision with economic, political and diplomatic consequences that need to be reviewed.
1 – Open an urgent parliamentary debate on the elements that supported the exit, analyzing current risks and benefits.
2 – Review the decision in a transparent manner, with public access to economic studies, fiscal projections and international contracts, ensuring participation and oversight.
3 – Promote a strategic approach that aligns oil and gas production, maintaining a focus on energy transition, revenue preservation and sustainable development.
4 – Consider re-entry into OPEC – if the terms once again favor attracting investments, stability in production and strategic positioning, respecting national sovereignty.
Rafael Savimbi’s stance reinforces the importance of such a significant decision for the future of Angola’s economy, government credibility and the well-being of the population. Thus, in his opinion, Angola needs to reevaluate the decision to leave OPEC.
A robust parliamentary debate is imperative to ensure that, far from “loneliness”, the country follows a solid, strategic and inclusive path towards prosperity.
ANGOLA24
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