Angola, Africa’s second-largest oil producer, has no plans to leave OPEC+, an official said, following a broader dispute over production quotas that delayed the group’s meeting.
“There are no discussions in that direction,” said Angola’s representative to OPEC Estevão Pedro, referring to the possibility of Angola leaving OPEC, by telephone on Thursday, according to the Bloomberg news agency.
OPEC+ has postponed the meeting until November 30 in order to reach an agreement on production limits for 2024. Delegates say more time is needed after lower targets for some African nations were outlined by more powerful countries, raising speculation that Angola could abandon the cartel.
The absence of an OPEC+ agreement on production for next year would leave global oil markets in a precarious position, with oil prices down around 16% from their September peak as demand growth slows.
The dispute involving African members brings to light a disagreement from June, when Angola, Congo and Nigeria were pressured by the Saudi Energy Minister to accept reduced production targets for 2024 that reflected their diminished capacities.
The continent’s exporters have struggled in recent years with underinvestment, operational disruptions and aging oilfields.
Angola’s dispute with OPEC could be “difficult to overcome” as the country resists the reduction of its production quota.
Oil production in Angola registered a slight recovery this year, but has consistently fallen short of the target for next year. At 1.17 million barrels per day in October, it was 110,000 barrels per day below its quota for 2024, according to data from the Vienna-based OPEC secretariat.