ANGOLA: OPEC WITHDRAWAL TO FACILITATE INVESTMENT IN OIL & GAS, INFRASTRUCTURE SECTORS

   Fri, 12 January 2024

Angola’s drive to rebuild oil production has prompted an abrupt exit from OPEC, as President Lourenço’s administration interpreted a reduction in the country’s output quota as a threat to investment potential. This outcome is likely to open further opportunities for investment across a range of sectors, particularly as the US and China intensify efforts to partner with Angola. At the same time, Lourenço will have to grapple with rising budgetary pressures, as revenue growth remains limited and debt servicing costs undergo a further increase.

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