Angola is set to leave OPEC. This is due to a dispute over oil production and the policies set for 2024. Angola does not want to cut production and wants to fulfill contracts as the reason for the exit from OPEC. How this could impact the global economy is unknown. Angola is one of the biggest oil exporters in Africa. The end of the 16 year membership will have an effect on Angola's economy. Other countries have left OPEC unable to come to a consensus. Oil prices have gone up due to the Russia-Ukraine War and Houti rebel attacks on ships in the Red Sea. The intent of OPEC is to make a decision about how much crude oil should be sold on the world market. Angola wants to sell its oil without certain restrictions. The minister for mineral resources, gas, and petroleum Diamantino Azevedo expressed that being in OPEC did not advance Angola's interest. Angola did not meet its obligations of production quotas. Simultaneously, members might be getting frustrated with Saudi Arabian domination in the group. Angola has the potential to use it vast oil wealth for further development. This requires improvement to infrastructure and have oil traded in the Angolan Kwanza. The MPLA needs to get back to its democratic socialist ideology ensuring economic advancement for the majority of the population. Angola is a lower middle income country, but should have a higher GDP and GNP. Angola's diamonds, agricultural, and hydroelectric potential means it one day could be one of Africa's richest nations.
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