At the lowest point, quotes dropped to $78.7. At the same time, in recent days, the price of Brent has been growing due to the Houthi attacks in the Red Sea. The day before, against the backdrop of the start of Operation Guardian of Prosperity in the Red Sea, launched by several countries led by the United States, fuel prices rose above $80 per barrel.
On Thursday, December 21, Angola’s Minister of Oil, Gas and Mineral Resources, Diamontino Azevedo, announced that the country was leaving OPEC. According to him, Angola’s role in the organization “was not significant,” and the country’s participation in OPEC itself did not satisfy the interests of Luanda. He also added that Angola would not agree to a reduction in oil production.
Angola previously warned of the possibility of a radical solution after its production quotas were set too low.
At the beginning of 2019, Qatar terminated its membership in the cartel. And in 2020, Ecuador left OPEC. In an earlier period, Indonesia left the cartel in 2009, returned in 2016, but a few months later suspended its membership in OPEC again.
