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23 Dec 2023

World's Biggest Oil Cartel Is Losing Power

Angola has decided[ to leave OPEC ](https://www.reuters.com/world/africa/angola-says-it-is-leaving-opec-angop-news-agency-2023-12-21/)due to disagreements over production quotas, with calls for a cut to 1.1 million barrels per day. The departure underscores OPEC's dwindling control as non-OPEC nations like the U.S., Brazil, and Guyana ramp up oil production. Analysts predict a potential oversupply in the oil market by 2024, [challenging OPEC's price control](https://www.semafor.com/article/12/21/2023/opecs-waning-influence) strategies. The International Energy Agency believes that oil demand will peak before 2030 as the world moves toward renewable energy and electric cars.