OIL PRICE DOWN BY MORE THEN $1 AS ANGOLA TO EXIT OPEC

After Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC), the oil price fell by more then $1. Angola’s oil minister Diamantino Azevedo said the country’s membership in OPEC was not serving its interests.

At a meeting in November, Angola had protested a decision by OPEC to cut its production quota for 2024. Angola’s oil production is around 1.1 million barrels per day (bpd).

Oil price had been relatively stable prior to the news out of Angola, with Brent trading near $80 a barrel, as investors balanced higher inventories and record output in the United States with jitters over global trade disruptions in the Red Sea.