(CTN News) – The Organization of the Petroleum Exporting Countries (OPEC+) has reassured its members and the global community that cooperation and dialogue will continue within the OPEC+ alliance, despite Angola’s decision to withdraw from the group.
OPEC believes that this ongoing collaboration will bring numerous benefits to all stakeholders, including producers, consumers, investors, and the global economy as a whole.
Angola’s departure from OPEC had an immediate impact on oil prices, causing a decline and raising concerns about the unity and stability of both OPEC and OPEC+.
However, OPEC’s statement did not specifically mention Angola, instead focusing on highlighting the solidarity among its member-countries and their unwavering commitment to unity and cohesion within the organization. OPEC also emphasized its strong relationship with non-OPEC producing countries involved in the Declaration of Cooperation (DoC).
To support the market and stabilize oil prices, OPEC+ has decided to implement additional voluntary oil output cuts. These cuts will amount to approximately 2.2 million barrels per day (bpd) for the first quarter of 2024, building upon previous reductions that were announced in stages since late 2022.
This demonstrates OPEC’s dedication to maintaining market stability and ensuring a balanced supply-demand dynamic.
Overall, OPEC’s statement reflects its determination to overcome challenges and maintain a strong alliance among its member-countries and with non-OPEC producing nations.
By continuing to work together and engage in dialogue, OPEC and OPEC+ aim to address market uncertainties, support sustainable oil prices, and foster a favorable environment for all stakeholders involved in the global oil industry.