logo
 
Africa’s second biggest oil producer, Angola has said that it is leaving OPEC after disagreements over its production targets, in a blow to the oil cartel chaired by Saudi Arabia. The decision was taken at a cabinet meeting and approved by President João Lourenço. The decision comes after the producer group lowered Angola’s oil output target last month as part of a series of cuts led by Saudi Arabia to help prop up



prices. 

Angola joined OPEC in 2007 but has clashed with Saudi Arabia at recent meetings over attempts to lower its production. It walked out of an OPEC meeting in June, but eventually agreed along with Nigeria and the Republic of Congo for its production baseline to be reviewed by an independent third party. Angola has been battling to turn around declining production for nearly a decade. 




No Comments For This Post, Be first to write a Comment.
Leave a Comment
Name:
Email:
Comment:
Enter the code shown:


Can't read the image? click here to refresh

Todays Epaper

English Weekly

neerus indian ethnic wear
Latest Urdu News

Do you think Ruturaj Gaikwad would be a good captain for Chennai Super Kings?

Yes
No
Can't Say