Angola's Departure from OPEC Sends Shockwaves through Oil Market

Angola has announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC) due to a disagreement over oil production quotas. The country's Mineral Resources and Petroleum Minister stated that remaining in OPEC would require Angola to cut production, which goes against its policy of avoiding decline and respecting contracts. OPEC has implemented significant supply cuts to support oil prices, and last month, the wider OPEC+ group agreed to a further voluntary cut in production. Angola's exit is a setback for OPEC, although its output is relatively small compared to the entire group.