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OPEC gets thumbs-up from African member states, despite Angola's withdrawal - News24

News24 · last updated

OPEC gets thumbs-up from African member states, despite Angola's withdrawal | News24

Despite Angola's withdrawal from the Organisation of the Petroleum Exporting Countries (OPEC), other African oil-producing countries such as Congo-Brazzaville, Nigeria, Equatorial Guinea, and Algeria have reaffirmed their support for the grouping.

Angola, the second-largest oil producer in Africa, was not keen to reduce its production in line with the proposed 1.11 million barrels of crude oil per day quota suggested by OPEC.

Angola's oil and refining industry makes up about 26% of GDP and is the main driver of growth.

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