Angola, one of the largest oil producers in Africa, announced on Thursday its departure from the Organization of Petroleum Exporting Countries (OPEC), agencies report.
According to official sources, the measure is due to preserving the interests of the country.
The Minister of Mineral Resources, Oil and Gas (Mirempet), Diamantino Azevedo, reported that the determination adopted during the session of the Council of Ministers is the decision of a sovereign country.
In this sense, he explained that remaining in OPEC would sooner or later shorten national production, which is contrary to the objectives of facing the natural decline of production and other elements of the plans, he argued.
Quota mechanism
He acknowledged that the OPEC organization has been important for the stabilization of crude oil prices in the international market and that, although until now its quota mechanism had not impacted Angola, if it continued in the organization this would become effective, reports Prensa. Latina.
Likewise, he said that the intention of the decision is to continue being competitive in an industry that is relevant to the country's economy and its diversification.
In this regard, he indicated that it is time to focus more on national strategies, objectives and goals in the hydrocarbon sector, particularly oil exploration and production, and the energy transition.
Angola has been a member of the organization for more than 16 years and during this time it fully complied with all obligations within OPEC.
The departure of Angola will leave the cartel, founded in 1960 and led by Saudi Arabia, with twelve members.
Until now, OPEC represented 30% of world oil production.
