{"id":55716,"date":"2024-01-10T21:24:23","date_gmt":"2024-01-10T21:24:23","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute"},"modified":"2024-01-10T21:41:09","modified_gmt":"2024-01-10T21:41:09","slug":"angola-announces-withdrawal-from-opec-amid-output-quota-dispute","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute","title":{"rendered":"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Angola has declared its departure from the Organization of the Petroleum Exporting Countries (OPEC) following a dispute over output quotas. The decision comes after OPEC and allied nations agreed to further reduce oil production in 2024 to stabilize global prices. Angola, a key oil exporter in sub-Saharan Africa, currently produces approximately 1.1 million barrels per day, contributing to OPEC\u2019s total of 30 million barrels.<\/p>\n

The announcement led to a drop in oil prices, with Brent prices falling over $1 to $78.5 a barrel. Angola\u2019s Minister of Mineral Resources and Petroleum, Diamantino Azevedo, stated that the country sees no benefit in remaining in OPEC, emphasizing its commitment to avoiding production cuts and respecting contracts.<\/p>\n

Azevedo highlighted that the decision was made in defense of Angola\u2019s interests, as remaining in OPEC would require mandatory production cuts. Both Angola and Nigeria, the largest oil exporters in sub-Saharan Africa, have expressed discontent with production cuts at a time when increasing foreign currency earnings is crucial.<\/p>\n

Angola\u2019s departure from OPEC, after 16 years of membership, adds to a list of countries, including Ecuador, Indonesia, and Qatar, that have exited the organization. The move raised concerns about OPEC\u2019s unity and its broader coalition, OPEC+, which includes Russia and other allies.<\/p>\n

As OPEC+ implemented new oil-output cuts in January, international oil prices fell by as much as 2.4%. Analysts suggest that Angola\u2019s exit poses questions about the cohesion of OPEC and OPEC+.<\/p>\n

Angola\u2019s decision stems from a protest regarding OPEC+\u2019s reduction of its output quota for 2024, leading to delays in the November policy meeting. The departure reduces OPEC\u2019s share of the world oil market, standing at 27 million barrels per day, or 27% of the 102 million bpd global market.<\/p>\n

Despite concerns about the impact on OPEC\u2019s unity, analysts believe that other countries may not follow Angola\u2019s path. Nigeria, another African OPEC member, has faced challenges meeting its quota and received a higher OPEC+ target for 2024 at the November meeting.<\/p>\n

As Angola leaves OPEC, questions about the organization\u2019s market share and effectiveness in managing global oil prices emerge. The move reflects the challenges faced by oil-producing nations amid evolving geopolitical and economic dynamics.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Angola has declared its departure from the Organization of the Petroleum Exporting Countries (OPEC) following a dispute over output quotas. The decision comes after OPEC and allied nations agreed to further reduce oil production in 2024 to stabilize global prices. Angola, a key oil exporter in sub-Saharan Africa, currently produces approximately 1.1 […]<\/p>\n","protected":false},"author":84,"featured_media":55714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-55716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nAngola Announces Withdrawal from OPEC Amid Output Quota Dispute - Zambia<\/title>\n<meta name=\"description\" content=\"Angola has declared its departure from the Organization of the Petroleum Exporting Countries (OPEC) following a dispute ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute\" \/>\n<meta property=\"og:description\" content=\"Angola has declared its departure from the Organization of the Petroleum Exporting Countries (OPEC) following a dispute ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-10T21:24:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-10T21:41:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"380\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute\",\"datePublished\":\"2024-01-10T21:24:23+00:00\",\"dateModified\":\"2024-01-10T21:41:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute\"},\"wordCount\":379,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute\",\"name\":\"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute - Zambia\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg\",\"datePublished\":\"2024-01-10T21:24:23+00:00\",\"dateModified\":\"2024-01-10T21:41:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Angola has declared its departure from the Organization of the Petroleum Exporting Countries (OPEC) following a dispute ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg\",\"width\":750,\"height\":380,\"caption\":\"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/zambia\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#website\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/\",\"name\":\"Zambia\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/zambia\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute - Zambia","description":"Angola has declared its departure from the Organization of the Petroleum Exporting Countries (OPEC) following a dispute ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute","og_locale":"en_US","og_type":"article","og_title":"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute","og_description":"Angola has declared its departure from the Organization of the Petroleum Exporting Countries (OPEC) following a dispute ...","og_url":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute","og_site_name":"Zambia","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2024-01-10T21:24:23+00:00","article_modified_time":"2024-01-10T21:41:09+00:00","og_image":[{"width":750,"height":380,"url":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute","datePublished":"2024-01-10T21:24:23+00:00","dateModified":"2024-01-10T21:41:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute"},"wordCount":379,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg","keywords":["Africa Press","Africa Press-Zambia","Zambia"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute","url":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute","name":"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute - Zambia","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zambia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg","datePublished":"2024-01-10T21:24:23+00:00","dateModified":"2024-01-10T21:41:09+00:00","author":{"@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Angola has declared its departure from the Organization of the Petroleum Exporting Countries (OPEC) following a dispute ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#primaryimage","url":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg","contentUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704910135.243615.jpg","width":750,"height":380,"caption":"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/angola-announces-withdrawal-from-opec-amid-output-quota-dispute#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/zambia\/"},{"@type":"ListItem","position":2,"name":"Angola Announces Withdrawal from OPEC Amid Output Quota Dispute"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/zambia\/#website","url":"https:\/\/www.africa-press.net\/zambia\/","name":"Zambia","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/zambia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts\/55716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/comments?post=55716"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts\/55716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/media\/55714"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/media?parent=55716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/categories?post=55716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/tags?post=55716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}