It follows last month’s decision by the 13-member cartel and 10 allied nations to further slash oil production in 2024 to prop up volatile global prices.
“We feel that at this moment Angola gains nothing by remaining in the organisation and, in defence of its interests, it decided to leave,” Mineral Resources and Petroleum Minister Diamantino Azevedo said afterwards.
The AFP news agency reports that both countries have been unhappy at being asked to cut production at a time when they need to increase their foreign currency earnings.
Angola has vast mineral and petroleum reserves, and its economy is among the fastest-growing in the world - but economic growth is highly uneven.
Following Russia’s full-scale invasion of Ukraine in February 2022, oil prices soared, hitting more than $120 a barrel in June last year.
They fell back to a little above $70 a barrel in May this year - but have steadily risen since then as producers have tried to restrict output to support the market and after recent attacks on cargo vessels in the Red Sea.
The original article contains 363 words, the summary contains 177 words. Saved 51%. I’m a bot and I’m open source!
This is the best summary I could come up with:
It follows last month’s decision by the 13-member cartel and 10 allied nations to further slash oil production in 2024 to prop up volatile global prices.
“We feel that at this moment Angola gains nothing by remaining in the organisation and, in defence of its interests, it decided to leave,” Mineral Resources and Petroleum Minister Diamantino Azevedo said afterwards.
The AFP news agency reports that both countries have been unhappy at being asked to cut production at a time when they need to increase their foreign currency earnings.
Angola has vast mineral and petroleum reserves, and its economy is among the fastest-growing in the world - but economic growth is highly uneven.
Following Russia’s full-scale invasion of Ukraine in February 2022, oil prices soared, hitting more than $120 a barrel in June last year.
They fell back to a little above $70 a barrel in May this year - but have steadily risen since then as producers have tried to restrict output to support the market and after recent attacks on cargo vessels in the Red Sea.
The original article contains 363 words, the summary contains 177 words. Saved 51%. I’m a bot and I’m open source!