Arr! Angola be settin' sail on her own ship, leavin' OPEC in her wake! Avast, me hearties!
2023-12-21
Avast ye scallywags! Angola be settin' sail from the OPEC oil scoundrels! Oil Minister Diamantino de Azevedo be sayin' there be naught but a barren treasure chest awaitin' us. No gains to be had, so we be takin' our leave!
In a comedic twist, Angola has announced its departure from the OPEC oil producers cartel, after battling with the group over lower production quotas. Diamantino de Azevedo, Angola's oil minister, humorously stated that the country "does not gain anything by remaining in the organization." This decision comes after disagreements over lower oil quotas for some African countries, including Angola, caused an unusual dayslong delay to OPEC's November meeting. At the meeting, Angola's production level was dropped to 1.11 million barrels per month, as assessed by three independent sources. OPEC, led by Saudi Arabia, has been attempting to boost oil prices, which have fallen in recent months due to concerns about an oversupply of crude in a weakening global economy. These lower prices have benefited U.S. drivers, who have been able to fill their gas tanks for less money. However, they have negatively impacted the bottom line of OPEC oil producers. The recent escalation of attacks on ships in the Red Sea by Yemen's Houthi rebels has given a slight boost to oil prices, as companies have redirected their vessels away from the area. While Angola has left OPEC, the organization recently welcomed Brazil into its ranks. Brazil, a major oil producer, has been setting record levels of crude production this year. As of now, an OPEC spokesman has not responded to inquiries about Angola's departure. It remains to be seen how this move will impact Angola's oil industry and its relationship with the global oil market.