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Angola’s crude production slipped below 1 million barrels a day in July, marking the lowest level since March 2023. ・Angola's ...

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Angola announced Thursday its departure from the OPEC oil producers cartel, with Oil Minister Diamantino de Azevedo citing no prospective gains from his country's continued membership.

Angola's oil production has fallen for two decades, and it's now leaving OPEC. The move leaves OPEC with 27% of the global oil market.

OPEC did not have an immediate comment on Thursday. News of Angola’s departure, which brings to 12 the number of countries in OPEC, led oil prices to fall 2 percent before they recovered.

Inside OPEC, power is measured in millions of barrels a day. Angola doesn’t pump many, and there’s little chance it would produce more in the foreseeable future.

Angola, which first joined OPEC in 2007, has struggled to meet production quotas over the past several years. The country is joining others, such as Qatar and Ecuador, that have left OPEC in the ...

At the meeting, Angola's production level was dropped to 1.11 million barrels per month after an assessment by the three independent sources, the organization said. OPEC, led by Saudi Arabia, has ...

Angola was for days at the center of a spat over production quotas that delayed November’s OPEC meeting By Giulia Petroni Updated Dec. 21, 2023 9:45 am ET Share ...

Angola’s departure leaves OPEC with 27% of the world oil market. More than a decade ago, that number was nearly 35%. Related Topics Tagged as: Angola oil production OPEC ...