After Angola's Withdrawal, Prospects For Collapse Of OPEC Are Assessed
Date
12/23/2023 12:16:44 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 23. Angola's exit
from the Organization of petroleum Exporting Countries (OPEC) will
have a limited impact on the global commodity market.
There is no point in expecting a further domino collapse of the
cartel against the backdrop of a“one-off” protest in the medium
term, said Clay Seigle, director of global oil services at Rapidan
Energy Group (REG). His words are quoted by CNBC, Trend reports.
Angola's role in OPEC was limited. The withdrawal of an African
country from the organization did reduce the level of unity within
the cartel, but did not undermine it, Seigle clarified.“The market
should not be complacent, thinking that OPEC unity is falling apart
and there will be some kind of domino effect,” the expert said.
Analysts from the third largest Canadian bank, Scotiabank, also
spoke about Angola's limited role in OPEC. The financial
organization clarified that the African country accounted for less
than four percent of the total production volume of the commodity
cartel.
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