Angolan President João Lourenço Says OPEC Exit and Lobito Refinery Strategy Were Vindicated by Middle East Crisis
Angolan President João Lourenço said on Wednesday that the ongoing conflict in the Middle East has reinforced the correctness of Angola’s decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and resume construction of the Lobito refinery.
The head of state made the remarks while answering journalists’ questions at the Presidential Palace in Luanda, following a meeting with Gabonese President Brice Clotaire Oligui Nguema, who is on a two-day state visit to Angola.
Responding to questions about the impact of tensions in the Middle East and the blockade risks in the Strait of Hormuz on oil-producing nations, João Lourenço argued that the situation highlights the importance of increasing global oil production.
“The conflict only confirms the need for producing countries to continue increasing oil output,” he stated.
While acknowledging global efforts to reduce greenhouse gas emissions and decrease dependence on fossil fuels, the president emphasized that the energy transition will take time and that oil will remain a key energy source for many countries in the foreseeable future.
“The conflict has shown that we were right when we made the sovereign decision to leave OPEC, as other countries have also done,” he said. “We need to increase the supply of oil to the international market because that is the only way to help reduce crude oil prices.”
President Lourenço also said the crisis validated Angola’s decision to restart work on the Lobito refinery project.
“It was the correct decision,” he noted. “Unfortunately, the refinery is not yet operational at a time when demand for both crude oil and refined petroleum products remains very high, with supply shortages continuing to drive prices upward.”
Angola officially left Organization of the Petroleum Exporting Countries in January 2024 after disagreements over production quotas.
The country opposed OPEC’s decision to cap Angola’s output at 1.11 million barrels per day, below the 1.18 million barrels per day production target sought by Luanda.
