Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, strongly criticized the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, describing Angola’s experience in the group as negative and unsustainable for the country’s long-term interests.
Speaking in Luanda following a presentation on the international diamond industry, Azevedo stated, “OPEC is a cartel — whether we like it or not — and like all cartels, it operates through imposed quotas.
Angola wasn’t setting the quota; the quota was setting us. Eventually, we would have been forced to cut production, which would not be fair for the country.”
Despite Angola’s ongoing efforts to diversify its economy, the minister emphasized that oil remains a vital revenue source, making production limitations particularly harmful.
He also criticized the lack of transparency within international commodity cartels. “In these cartels, countries often lie about their production levels and reserves,” Azevedo said, firmly rejecting the idea of regulating markets through artificial supply restrictions in both oil and diamond sectors.
“I don’t believe in that path. We need to demonstrate the value of our resources on our own terms,” he added.
Azevedo pointed to Angola’s natural decline in oil output — worsened by past governance and operational lapses — as another reason for shifting course.
“We stopped prospecting, stopped auctioning new blocks, and failed to review our governance model. Now we’re correcting that,” he said.
Angola officially withdrew from OPEC in December 2023, ending 16 years of membership. The decision followed disputes over a production quota of 1.11 million barrels per day — a level significantly below Angola’s capacity.
With production already declining due to aging oil fields and a lack of investment in exploration, the government concluded that further restrictions would be detrimental to an economy still heavily reliant on oil income.
The minister also outlined Angola’s growing focus on strategic global partnerships, especially with the United States and top academic institutions.
“Who doesn’t want to work with the best?” he said. “We’re preparing our students and institutions so they can eventually match the standards of the world’s leading universities, such as MIT.”
Azevedo reaffirmed Angola’s commitment to proactively exploring critical mineral potential and attracting U.S. investment. “We’re not reacting — we’re being proactive,” he concluded.
