PET-Resin rPET – Feedstock increase – Global Oil Prices Dip Following Angola’s OPEC Exit Announcement : Will other countries follow Nigeria? 26-12-2023
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Global Oil Prices Dip Following Angola’s OPEC Exit Announcement
Global oil prices took a hit on Thursday as news emerged of Angola’s decision to withdraw its membership from the OPEC. The country’s move has raised concerns about OPEC’s ongoing efforts to support oil prices by controlling the supply in the global market.
The announcement of Angola’s impending exit from OPEC sent shockwaves through the industry, resulting in a $1 decrease in oil benchmarks. The country’s oil minister, Diamantino Azevedo, asserted that remaining part of OPEC was not in Angola’s best interests. Over the past few months, OPEC, led by Saudi Arabia, has been rallying support for reducing output and driving up oil prices. PET-Resin rPET
Shipping tracking firm Kpler’s Matt Smith suggested that OPEC appears to be losing its battle to keep prices high, especially as non-OPEC producers like the U.S. increase production to fill the emerging supply gap. Angola’s daily oil production, which is around 1.1 million barrels, is a small percentage of OPEC’s total daily output of 28 million barrels.
Angola might be one of the smaller contributors to OPEC’s output, but its decision to leave the group has prompted questions about OPEC’s unity and future strategy. However, Smith also pointed out that the impact of Angola’s departure on global supplies could be relatively minor. PET-Resin rPET