Angola, which had been at odds with the group over reduced production quotas this year, declared on Thursday that it was quitting the OPEC oil producers cartel.
Angola “does not gain anything by remaining in the organisation,” according to African nation’s oil minister, Diamantino de Azevedo, according to state news agency Angop. It became a member of OPEC in 2007.
Disagreements over reduced oil quotas for some African nations, such as Angola, caused OPEC’s November meeting—where the organisation and its allied producers, led by Russia, decide how much oil to send to the world—to be delayed by several days as usual.
Following an evaluation by the three independent sources, Angola’s production level was reduced to 1.11 million barrels per month at the meeting, according to the organisation.
Saudi Arabia and other members of OPEC have been working to support oil prices, which have dropped in recent months due to worries that there may be too much oil on the market in light of the weakening global economy, which could affect demand for oil for industry and travel.
While US drivers have benefited from lower petrol prices in recent months by being able to fill up their tanks for less money, OPEC oil producers have suffered as a result of the lower prices. This year, the price of benchmark US crude has dropped by 8%.
OPEC declared at its meeting last month that it was adding Brazil, a significant oil producer that has been producing record amounts of crude this year, despite losing Angola, according to the International Energy Agency.
