OPEC+ promises unity following Angola's departure from coalition

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have reiterated their commitment to the alliance, following the recent departure of Angola from the oil group.

PHOTO: Flags of OPEC member countries. Getty Images

In a declaration of cooperation (DoC), OPEC said that its member countries are fully committed to “unity and cohesion,” as well as maintaining stability in the oil market.

According to the coalition, continued unity within the OPEC+ oil-producing group will benefit “all producers, consumers, and investors, as well as the global economy at large.”

On 21 December 2023, OPEC member Angola declared its departure from the coalition effective from the beginning of 2024, citing that the country’s interests do not align with OPEC any longer.

This news sparked a debate in the oil market about a lagging unity within the OPEC+ alliance.

The latest OPEC+ statement did not mention anything regarding Angola’s exit from the coalition.

“OPEC member countries re-affirm their steadfast commitment to the shared objectives of unity and cohesion both within the organization and with the non-OPEC producing countries participating in the DoC,” the oil-producer group said.

Countries that left OPEC earlier

OPEC member country Indonesia cancelled its membership in 2016. Following its departure, Qatar left the coalition in 2019 and Ecuador in 2020.

With Angola’s departure, the OPEC+ alliance has 12 member countries remaining.

By Aparupa Mazumder 

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