Angola has announced that it would leave the OPEC+ group, following a protest from Angola about OPEC+'s decision to cut its output quota for 2024. According to Angola's Oil Ministry, the Organisation no longer serves the country's interests. Angola thus joins other mid-sized producers Ecuador and Qatar, which have left OPEC+ in the last decade.
In early December 2023, eight OPEC+ oil producers agreed to voluntary output cuts totalling about 2.2 mbl/d for the first quarter of 2024, in order to support prices and stabilise the market. This includes an extension of the Saudi and Russian voluntary cuts of 1.3 mbl/d, and commitments by other OPEC countries to cut their 2024 crude oil production (Iraq by 223 kb/d, the United Arab Emirates by 163 kb/d, Kuwait by 135 kb/d, Kazakhstan by 82 kb/d, Algeria by 51 kb/d and Oman by 42 kb/d).
In 2022, Angola produced more than 55 Mt of crude oil (i.e., 37% less than in 2010), and exported more than 51 Mt. Its reserves stood at 1,061 Mt as of end-2022.
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