The Organisation of the Petroleum Exporting Countries (OPEC) has affirmed its commitment to ongoing cooperation and dialogue within the broader OPEC+ alliance following Angola’s recent decision to exit the organisation. The announcement comes ahead of a planned February 1 meeting to assess the implementation of the latest oil output cuts.
In a statement, OPEC expressed its belief that continued collaboration between the Organisation of the Petroleum Exporting Countries and its allies, including Russia, will be advantageous for all producers, consumers, and investors, as well as the global economy at large.
Angola’s announcement on December 21, signalling its departure from OPEC, had initially caused a drop in oil prices and raised concerns about the unity of both OPEC and the larger OPEC+ coalition. However, the OPEC statement did not directly reference Angola but emphasised the unity of its member countries.
The statement asserted, “OPEC member countries re-affirm their steadfast commitment to the shared objectives of unity and cohesion both within the organisation and with the non-OPEC producing countries participating in the Declaration of Cooperation (DoC),” referring to OPEC+’s formal name.
The oil market experienced a 3% increase on Wednesday, with Brent crude surpassing $78 a barrel due to disruptions in Libya’s primary oilfield. However, the overall trend shows a decline from nearly $98 in September, partly due to doubts surrounding the unity of OPEC+.
OPEC+ continues to implement voluntary oil output cuts, amounting to approximately 2.2 million barrels per day (bpd) for the first quarter of 2024. These reductions build upon previous measures taken since late 2022.