Angola to quit OPEC over oil production output limit
Angola says it has concluded plans to quit the Organisation of Petroleum Exporting Countries (OPEC) over the global petrol governing body’s decision to lower the country’s petroleum output target starting from 2024.
According to Angop, an Angolan news outlet, the minister of oil resources, Diamantino de Azevedo, announced the country’s decision to leave OPEC following a Council of Ministers led by Angolan President Joao Lourenco.
“We feel that at this moment Angola gains nothing by remaining in the organisation and, in defence of its interests, it decided to leave,” Angop quoted Mr Azdvedo on Thursday.
Angola’s planned withdrawal from OPEC is due to last month’s decision by the oil-producing bloc to lower the Central African country’s daily production output to 1.11 million barrels starting next year.
The country was displeased by the decision, with the Angolan oil minister reportedly sending a note of protest in response, VOA reported.
According to the data from the CEIC economic firm, as of October, Angola averaged about 1.6 million barrels daily.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Lagos
Accident victims hospitalised after two buses collide in Lagos
LASTMA said the vehicle plunged into the opposite lane before ramming into a Coaster bus.
NationWide
Hackers breached Nigerian Army’s official X account, access recovered: Spokesperson
The army said the recovery underscored the army’s commitment to safeguarding its digital communication platforms.
Lagos
Lagos: One dead as truck overturns in Gbagada
Mr Bakare-Oki warned operators of heavy-duty vehicles and commercial transporters to embrace responsible driving practices.
Anti-Corruption
Adeboye ordered RCCG to return billions in suspected illicit funds traced to church, says EFCC chairman
The EFCC chairman said some wealthy individuals and politicians had been using churches to conceal proceeds of corruption.
States
BEDC announces salary increase for staff
Mr Lawani expressed regret that the industrial action occurred before the agreed date for concluding negotiations.
States
Troops rescue 119 civilians, recover eight vehicles in Borno
The report said the operation was conducted by troops of 135 Special Forces Battalion.
