Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, said in a statement, “We reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+. Each member, whether African or not, plays an indispensable role in achieving our shared objectives and in maintaining the balance of the global oil market.”
Analysts mostly viewed Luanda’s exit as an isolated case, a sign that a long-running decline in its production capabilities had rendered the country a less effective OPEC member. Traders expect fresh OPEC+ output cuts will still go into effect as planned next month.
