HomeIndustriesOPEC Nations Remain Committed Following Angola's Exit

OPEC Nations Remain Committed Following Angola’s Exit

Organization of the Petroleum Exporting Countries members Iraq, Nigeria, and the Republic of Congo have voiced their commitment to the cartel following the departure of Angola from the organization last week. “We reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+,” Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua affirmed.

Angola’s exit – following a 16-year tenure as an OPEC member – came as a result of a dispute over its production quota. Following the African nation’s departure OPEC now consists of 12 member nations. Now, the oil cartel is looking to implement output cuts in an effort to push oil prices upward. Over the past three months, oil prices have plummeted by almost 20%.

While Nigeria also took issue with OPEC+’s production quotas for 2024, they decided against taking any drastic steps against the organization in protest. It appears as if Nigeria resolved its issue with OPEC following its November 30 meeting.

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