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Reactions to Angola’s decision to leave OPEC

Reactions to Angola’s decision to leave OPEC

ANGOLA has decided to leave the Organization of the Petroleum Exporting Countries (OPEC), its oil minister said, saying its membership was not serving the country's interests. The departure is unlikely to have a significant impact on oil supplies given Angola's small percentage of total OPEC output, but the move raises questions about the unity of the group, analysts said. The following are reactions to the decision: GIOVANNI STAUNOVO, UBS: "From an oil market supply perspective, the impact is minimal as oil production in Angola was on a downward trend and higher production would first require higher investments. "However, prices still…
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Angola to quit OPEC, reducing membership to 12 countries

Angola to quit OPEC, reducing membership to 12 countries

ANGOLA has said it is leaving the Organization of the Petroleum Exporting Countries (OPEC) with effect from January 1 2024, after exits from Ecuador in 2020 and Qatar in 2019. Angola, which joined OPEC in 2007, produces about 1.1 million barrels per day, compared with 28 million bpd for the whole group. Here are details on OPEC members, market share and Angola's oil production. OPEC MEMBERS, MARKET SHARE OPEC was founded in 1960 by Saudi Arabia, Kuwait, Venezuela, Iran and Iraq. Angola joined the group in 2007. Since 2017, OPEC has worked with Russia and other non-members as part of…
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Venezuela votes for parliament as opposition denounces fraud

Venezuela votes for parliament as opposition denounces fraud

BRIAN ELLSWORTH and SARAH KINOSIAN VENEZUELAN have started voting to choose a new congress that the opposition is boycotting and most Western nations call a fraud by President Nicolas Maduro to retake the last state institution, not in the hands of the ruling Socialist Party. The vote is almost certain to return congress to Maduro's allies despite his government struggling with an economy in ruins, aggressive U.S. sanctions that stifle the OPEC nation's oil exports, and the migration of some 5 million citizens. Members of the new congress will have few tools to improve the lives of Venezuelans whose monthly…
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