Angola’s Rising Oil Exports Validate Decision to Quit OPEC (1)

Angola is set to export the most oil in almost four years in August, demonstrating why the country decided to leave OPEC.

Shipments will jump to 1.23 million barrels a day, loading plans show. The Organization of Petroleum Exporting Countries had tried to set a production limit of 1.1 million a day on Luanda, prompting Angola to depart the group. Output is not directly tied to monthly exports.

“They have a very clear mandate to grow production in Angola,” said Paul McDade, chief executive officer of Afentra Plc, which holds licenses there and plans to boost output. The ...