Confusion and disobedience: Angola’s bold move challenges OPEC+

The OPEC+ statement was a dog’s breakfast. Traders seem bewildered at what was agreed to. Adam had the run-down:

Angola is planning to ignore its quota, which is not something OPEC members do often at all, not publicly at least According to a Bloomberg report:

• Angola rejected a new output quota handed to it by OPEC
• said it planned to breach it
• “We will produce above the quota determined by OPEC,” Angola’s OPEC governor Estevao Pedro said in an interview on Thursday. “It is not a matter of disobeying OPEC; we presented our position, and OPEC should take it into consideration.”