Angola’s departure from the OPEC cartel should not have serious consequences for the oil market. This opinion was expressed by Albert Koroev, stock exchange expert of the BCS World of Investments company, in a conversation with socialbites.ca.
According to him, oil reacted negatively to this news, but the reaction was not very strong.
“In any case, the members of the alliance pursue the goal of maintaining balance in the oil market. Koroev noted that there is almost no reason to talk about the next serious candidates for leaving OPEC.
The expert reminded that Angola is not the first country to leave the cartel in recent years. Before this, Qatar and Ecuador had left OPEC. However, the alliance managed to retain control of the oil market as a whole.
Before that, it was known that Angolan Minister of Oil, Gas and Mineral Resources Diamontino Azevedo had announced the country’s decision to leave OPEC because its role in the organization was considered insignificant, he writes Reuters.
He noted that Angola’s participation in OPEC is not in the country’s interests and that reducing oil production within the organization would be contrary to national goals. Previously, Angola’s OPEC representative Estevan Pedro stated that the country does not plan to leave OPEC+ due to disagreements over oil production quotas.
OPEC+ countries at the end of November accepted It decided to voluntarily reduce oil production by the end of the first quarter of next year. However, Angola has expressed disagreement over its quota and plans to produce above the approved level.
Previously in the USA accused bot traders on increases in oil prices.