NNA - Oil prices settled lower on Thursday after Angola said it would exit the Organization of the Petroleum Exporting Countries (OPEC), raising questions about the producer group's efforts to support prices by limiting global supplies.

Brent crude futures settled down 31 cents at $79.39 a barrel. U.S. West Texas Intermediate crude futures fell 33 cents to $73.89 a barrel.

Earlier in the session, both benchmarks were down by more than $1 after Angola said it was planning to leave the group.

Angolan oil minister Diamantino Azevedo said the country's membership in OPEC was not serving its interests. The Saudi-led producer group in recent months has been rallying support to deepen output cuts and boost oil prices.

"It seems like OPEC is losing the battle to keep prices higher," said Matt Smith of shipping tracking firm Kpler, noting that non-OPEC producers like the U.S. have stepped up to fill the supply gap.

Angola produces around 1.1 million barrels per day (bpd), compared with 28 million bpd for the whole group.

The country's exit raises questions about the cohesion and direction of OPEC, even though it is one of the smallest producers and its departure may have a limited impact on global supplies, Smith said.

At a meeting in November, Angola had protested a decision by OPEC to cut its production quota for 2024 to help prop up oil prices.--Reuters 

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