{"id":21431,"date":"2023-12-22T15:03:17","date_gmt":"2023-12-22T10:03:17","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=21431"},"modified":"2023-12-22T15:03:17","modified_gmt":"2023-12-22T10:03:17","slug":"oil-drops-as-angola-announces-opec-exit","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/oil-drops-as-angola-announces-opec-exit\/","title":{"rendered":"Oil drops as Angola announces OPEC exit"},"content":{"rendered":"<p class=\"story-excerpt\">Angola\u2019s oil production is around 1.1 million bpd.<\/p>\n<p>London: Oil prices fell by more than $1 a barrel on Thursday after Angola announced it is leaving the Organisation of the Petroleum Exporting Countries (OPEC).<\/p>\n<p>Brent crude futures were down $1.30, or 1.63%, to $78.40 a barrel by 1419 GMT, while US West Texas Intermediate crude was lower by $1.19, or 1.60%, at $73.03. Angola\u2019s oil minister Diamantino Azevedo said the country\u2019s membership in OPEC was not serving its interests.<\/p>\n<p>At a meeting in November, Angola had protested a decision by OPEC to cut its production quota for 2024. Angola\u2019s oil production is around 1.1 million bpd.<\/p>\n<p>Read More:<em><strong>\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/world\/at-least-eight-killed-in-guinea-oil-terminal-blast.html\">At least eight killed in Guinea oil terminal blast<\/a><\/strong><\/em><\/p>\n<p>\u201cFrom an oil market supply perspective, the impact is minimal as oil production in Angola was on a downward trend and higher production would first require higher investments,\u201d said Giovanni Staunovo, an analyst at UBS. \u201cHowever, prices still fell on concern of the unity of OPEC+ as a group,\u201d he added, referring to the producer alliance that includes Russia.<\/p>\n<p>Oil prices had been relatively stable from yesterday\u2019s levels 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Angola\u2019s oil production is around 1.1 million bpd. London: Oil prices fell by more than $1 a barrel on Thursday after Angola announced it is leaving the Organisation of the Petroleum Exporting Countries (OPEC). Brent crude futures were down $1.30, or 1.63%, to $78.40 a barrel by 1419 GMT, while US West Texas Intermediate crude [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":21432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,21,3],"tags":[6362,3870],"class_list":["post-21431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","category-news","category-world","tag-opec","tag-petrol"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/21431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=21431"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/21431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/21432"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=21431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=21431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=21431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}