Angola rejects OPEC production quota
Focusing on production for economic growth
ANGOLA: Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirmed the nation’s decision to reject the proposed production quota of the Organisation of the Petroleum Exporting Countries (OPEC) for 2024.
Angola is aiming to achieve a production quota of over 1.18 million barrels of crude oil per day as the country aims to achieve energy security and drive gross domestic product growth on the back of optimal production, exploitation and monetization of its oil resources.
The announcement was made during the 26th OPEC+ Meeting, during which the organisation proposed a 1.11 million barrels of crude oil per day production quota for OPEC and non-OPEC members for the year 2024.
“Due to the fact that the decision was not taken unanimously and is against Angola’s position, we reiterate our proposal for a quota of 1.18 million barrels of crude oil for the year 2024,” stated Azevedo, adding that “Our country has been a member of OPEC for more than 16 years and during this period we have fully complied with all the obligations owed to the organisation, as well as shared the efforts that the signatory countries of the OPEC and Non-OPEC Declaration of Cooperation (OPEC+) have developed with a view to stabilising the international oil market.”
CAPTION: Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources
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