Angola has decided to leave the Organization of the Petroleum Exporting Countries (OPEC) as it believes that membership no longer serves its interests. The country, which joined OPEC in 2007, produces around 1.1 million barrels of oil per day. Diamantino Azevedo, the oil minister of Angola, confirmed the decision and stated that further details would not be provided. The news caused a decline in oil prices, with Brent prices down 1.6% at $78.4 a barrel. Angola’s departure poses a setback for OPEC and its allies as they aim to persuade members to lower output in order to support prices.
