Igor Yushkov, a leading analyst at the National Energy Security Fund, said Angola’s withdrawal from the Organization of Petroleum Exporting Countries (OPEC) could cause other participants to withdraw from the agreement. This was reported by RIA News.
“This is a wake-up call in terms of keeping the other players out there. What if Nigeria and Congo also want to separate? If someone leaves and the others stay and they also have quotas, of course they will ask the question: “It turns out that this is possible – just leave OPEC+ and benefit from all the efforts of other participants that they are reducing production.” and doesn’t the price increase because of this? – said Yushkov.
Previously reportedAngola announced its withdrawal from the Organization of Petroleum Exporting Countries (OPEC). It is stated that Angola is one of the twenty largest oil producing countries. At the same time, a decision was taken to maintain production quotas in the member countries of the organization.
Before this, the ministerial meeting of OPEC + countries rescheduled Due to Angola and Nigeria’s desire to increase oil production. The meeting was planned to discuss expanding the current trend of reducing oil production, but not all participants agreed. Thus, representatives of Angola said that the country is investing in the development of deposits and does not want to stop.
Moreover, the agency’s sources in OPEC+ reported that the postponement of the meeting also concerns other African countries: OPEC+ promised in June to revise 2024 production quotas for Angola, Nigeria and Congo.
Previously in the Kremlin commented on the information About the reason for the postponement of OPEC and OPEC+ meetings.