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. Angola rejects OPEC’s new quota, plans to produce above limits.
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.”
Source: Forex Live