Africa-Press – Angola. The economist, Francisco Tavares, considered Angola’s departure from the Organization of Petroleum Exporting Countries (OPEC) as a wise decision, which will attract more investors in the sector in the country and allow greater revenue collection by the State, via taxes.
In an interview, the expert said that, until then, Angola had little benefit from the production limits imposed by the cartel, so its departure from January 1, 2024 will allow it to increase production levels, profits for companies operating in the sector and consequently the increase in foreign exchange for the country.
He said that the measure is late, arguing that Angola’s presence in OPEC constituted a disadvantage in attracting new investors, taking into account the production quota established by the organization, of 1.110 million barrels of crude oil per day.
The same view is shared by Financial Markets specialist, Filipe Bondo, who highlighted that the decision will give the country autonomy and ensure production that can be advantageous.
On the other hand, he expressed his concern about the fragility of the intercontinental protection that OPEC had been granting to the country in the crude oil market.
It should be remembered that Angola protested, at the beginning of the month, the decision of the 36th OPEC+ ministerial meeting to allocate a production quota of one million 110 thousand barrels of crude a day, contradicting the Angolan proposal of one million 180 thousand barrels a day.
OPEC is an intergovernmental organization of 13 nations, founded on September 15, 1960 in Baghdad by the five founding members (Iran, Iraq, Kuwait, Saudi Arabia and Venezuela).
It has been headquartered since 1965 in Vienna, Austria, and in September 2018, the 14 member countries represented 44% of global oil production and 81.5% of the world’s proven reserves.
OPEC enjoys great influence on global oil prices, previously determined by the so-called “Seven Sisters” grouping of multinational oil companies.
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