Prices of crude oil fell yesterday after Angola announced that it would leave the Organisation of the Petroleum Exporting Countries (OPEC).
Futures on Brent crude fell by 2.4 per cent to trade as low as $77.81 per barrel, or 2.4 per cent below Wednesday’s closing level, before recovering to about $79.
U.S. West Texas Intermediate crude fell by $1.19, or 1.60 per cent, to trade at $73.03. Angola has recently had a dispute about OPEC’s quotas.
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It however, recently pumped about 1.1 million barrels a day of crude, which is about 1.2 per cent of the global total crude supply.
During a meeting in November, Angola protested a decision by OPEC to cut its production quota for 2024. Angola’s oil production is around 1.1 million barrels per day (bpd).
The Oil Minister of Angola, Diamantino Azevedo said the country’s membership in OPEC was not serving its interests.
