Angola to Leave OPEC Amidst Dispute Over Oil Production Quotas

Angola, one of the largest African producers in the Organization of the Petroleum Exporting Countries (OPEC), has announced its decision to withdraw from the cartel. The move comes after a recent disagreement over oil production quotas that led to a delay in OPEC's November meeting by four days.

The decision was made during a cabinet meeting and was publicly disclosed by Angolan oil minister Diamantino de Azevedo. It was triggered by OPEC's decision to reduce Angola's oil output target to 1.11 million barrels per day as part of its efforts to implement production cuts agreed upon at its most recent ministerial meeting.

According to OPEC's latest report, Angola's crude oil production in November stood at 1.13 million barrels per day, as reported by secondary sources. The country became a member of OPEC in 2007.

At the time of writing, OPEC did not respond to requests for comment when contacted by Dow Jones Newswires.

Following Angola's announcement, oil prices experienced a decline. As of 1427 GMT, Brent crude was being traded 1.6% lower at $78.41 per barrel, while WTI witnessed a 1.6% drop, reaching $73.05 per barrel.