Angola quits OPEC amid dispute over oil production quotas

January 8, 2024/in /by Rudolf Huber

That is a big one – in Africa at least but also in OPEC. We should expect more of the same as countries can feel the pinch and are hurting. As soon as OPEC found out about shale, it must have known that it had a problem but it could have pulled through this one. What’s way worse is the economic slump the planet is in. The only big economy with pretty solid prospects is North America and it has shale. China is deeply wounded and its economy looks very, very shaky. Some already speak of the mother of all debt bubbles. Pain changes structures.

Angola announced it’s leaving OPEC following 16 years of membership amid a dispute over oil production quotas, while the cartel tries to buoy global prices.

worldoil.com

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