Angola leaves OPEC over oil production quotas disagreement

Angola leaves OPEC over oil production quotas disagreement - Angola, a nation bathed in both sunshine and black gold, stands tall as a titan of the oil industry. Its gushing wells pump a staggering million barrels of crude daily, a lifeblood that courses through the country’s veins, fueling a whopping 90% of its exports. This viscous treasure isn’t just Angola’s most valuable commodity; it’s the very engine of its economy, driving development and prosperity. From towering offshore rigs that pierce the ocean’s surface to bustling export terminals humming with activity, Angola’s landscape pulsates with the rhythm of oil. This dependence on oil is so profound that it grants Angola a coveted seat at the table of OPEC, the exclusive club of the world’s leading oil producers. However, Angola has come out to announce that it is quitting OPEC. Why is Angola leaving the oil producers group and what implications could its exit have on OPEC, the Angolan economy, and global energy supply? Join us in today’s video as we shed more light on these questions in great detail. Before we dive into our topic today, if you haven’t already, please consider subscribing to our channels and ringing the bell to be notified about all our exciting future videos On Thursday, December 21st, 2023, Angola announced that it would leave the Organization of the Petroleum Exporting Countries or OPEC following a disagreement regarding production quotas, a move that will reduce the group to 12 members. MrDiamantino Azevedo, the country’s minister for mineral resources, petroleum, and gas, said on public television on Thursday that Angola, which is Africa’s 2nd largest oil producer, is leaving OPEC because it is not serving the nation’s interests. “When we see that we are in organizations and our contributions, our ideas, do not produce any effect, the best thing is to withdraw,“ Azevedo said. “We feel that … Angola currently gains nothing by remaining in the organisation and, in defence of its interests, decided to leave,” Azevedo was quoted as saying in a statement issued by the president’s office ▬▬▬▬▬▬▬▬▬ ✅SUPPORT US /AFFILIATE LINKS Use this affiliate link for your purchases at #MIZIZI International - Support our channel - PayPal: newafricachannel(at) Follow us on Instagram - Follow us on Twitter - Join us on Facebook - ▬▬▬▬▬▬▬▬▬ ✅COPYRIGHT DISCLAIMER The New Africa Channel doesn’t fully own some of the materials compiled in its videos. It belongs to people or organizations who ought to be respected. If used, it falls under the following provisions: Copyright disclaimer section 107 of the Copyright Act 1976. “Fair use“ is allowed for purposes such as criticism, comment, news reporting, teaching, scholarships, and research. ✅ If you are the owner of the materials used in this video, contact us, and we will follow your request immediately: info(at) ▬▬▬▬▬▬▬▬▬ ✅COMMENTING POLICY Keep your comments and posts appropriate, helpful, and relevant. Any offensive, disrespectful, harmful, threatening, vulgar, obscene, or inappropriate content will be removed immediately. Spamming, vandalizing, promoting, and advertising are also not allowed. While we encourage free speech and open discussion, attacking or harassing other users is not tolerated. Repeat violators of this policy will be reported and may face a ban. ▬▬▬▬▬▬▬▬▬ #AfricaNews #TopAfricaNews #News #NewsAfrica #AfricaNews