CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Angola, a major oil producer, has announced its intention to leave the Organization of Petroleum Exporting Countries (OPEC) on January 1, 2024. This move follows Ecuador's in 2020 and Qatar's in 2019, and reflects a trend of states with relatively limited oil output withdrawing from the influential oil-exporting organization.
Angola's OPEC Experience
Angola joined OPEC in 2007, supplying over 1.1 million barrels per day to the global oil market. OPEC, which was created in 1960 by Saudi Arabia, Kuwait, Venezuela, Iran, and Iraq, produces approximately 28 million barrels per day. Angola has actively participated in OPEC's attempts to manage the oil market since its membership in the organization, partnering with other member nations and non-members within the OPEC+ group.
The Evolution Of OPEC
Over the years, OPEC has expanded from its original founding members to encompass a varied variety of states. Saudi Arabia, Kuwait, Venezuela, Iran, and Iraq founded the alliance, which has witnessed additional entrants and withdrawals. Notably, Angola's withdrawal reduces OPEC's membership to 12, accounting for around 27% of the global oil market, or 102 million barrels per day.
New Entrants To OPEC
OPEC, on the other hand, has seen new members in recent years. In 2017, Equatorial Guinea became a full member, and Gabon re-joined in 2016. Furthermore, Congo became a full member in 2018, demonstrating the fluidity of OPEC's membership pool.
About Angola
Capital: Luanda
Currency: Angolan kwanza
President: Joo Lourenço
Continent: Africa
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