Reported 9 months ago
Angola is expected to export the highest amount of oil in nearly four years in August, showcasing the validity of the country's choice to leave OPEC. This decision was made because OPEC had imposed a production limit on Angola, which the country felt would hinder its growth. By exiting OPEC in December, Angola attracted more investment opportunities in the oil and gas sector, with the US and China now competing to be its main economic partner. The government has incentivized exploration companies to invest by extending licenses and offering favorable terms. The increase in oil exports also reflects enhanced production efforts and ongoing investments in offshore assets. Overall, this move has proved beneficial for Angola's oil industry.
Source: YAHOO