Angola leaves OPEC as cartel’s grip on oil price loosens

Angola has voted to leave OPEC+ following a dispute concerning oil export quotas, an act which undercuts the leaders of the group as they attempt to project unity amidst sustained low prices and failed attempts to correct them. Angola’s now unbound 1.1 million barrels per day oil output is unlikely to have a significant impact on the price of oil, since it is already producing at close to maximum capacity, but the decision may be a prelude to further disputes between the remaining OPEC members which would disrupt their ability to sustain the oil price. Angola’s exit brings OPEC down to 12 members, following exits from Ecuador in 2020 and Qatar in 2019. This cuts OPEC+’s market share of the…