Angola, Africa's two largest oil producing country, withdraws from OPEC...International crude oil prices fall for the first time in four days

Angola, Africa's two largest oil producing countries, announced that it will withdraw from the Organization for Petroleum Exports (OPEC), causing international crude oil prices to fall for the first time in four days. Agreements among oil-producing countries to reduce production are not proceeding smoothly.
This is because there is greater uncertainty. On the 21st (local time), the New York Mercantile Exchange (NYMEX) traded West Texas Intermediate (WT) for February delivery.
I) The price closed at $73.89 per barrel, down 33 cents (0.44%) from the previous day. Brent crude for February delivery fell 31 cents on the London ICE Futures Exchange.
It closed at $79.39 per barrel. On the same day, Angola's Oil Minister Azevedo made it clear that Angola's membership in OPEC would not be beneficial to its national interests, stating that
announced his retirement. Saudi Arabia, which controls international oil prices, has been pressuring oil producing countries in recent months to agree to cut production, but some oil producing countries that are increasing drilling volumes have expressed their dissatisfaction.
ing. Under these circumstances, Angola announced its withdrawal from OPEC. With the withdrawal of Angola, which joined OPEC in 2007, the number of OPEC member countries will be reduced to 12.
Angola's daily production is about $1.1 million, a tiny amount compared to OPEC's overall output of 28 million barrels. With Angola's withdrawal from OPEC
Although the impact on the current global oil supply is limited, it is increasing skepticism about OPEC's cohesiveness and voluntary production cuts.
The fact that crude oil production in non-OPEC oil producing countries such as the United States is increasing is also contributing to international crude oil prices.
This suppresses the rise in ratings. The U.S. Energy Information Administration (EIA) announced last week that U.S. crude oil production rose from 13.2 million barrels to 13.3 million barrels, a record high.