Angola has announced its withdrawal from OPEC, the oil producers organization, due to an ongoing dispute over production quotas. Angola currently produces approximately 1.1 million barrels per day – about 4% of OPEC’s total output.

The decision came during a cabinet meeting on Thursday, with Minister of Mineral Resources and Petroleum Diamantino Azevedo stating “we feel that at this moment Angola gains nothing by remaining in the organization.” He cited the need to avoid declining output and uphold existing contracts.

Angola has bristled at requests to cut production alongside other OPEC members and allied countries. Along with Nigeria, Angola depends heavily on oil export revenue during tough economic times globally.

By leaving OPEC, Angola avoids mandatory output reductions. However, the move sent oil prices downward by over $1 per barrel initially.

As a 16-year member, Angola is not the first nation to withdraw from the influential cartel, which coordinates supply among major producers. Ecuador, Indonesia and Qatar have also exited OPEC over policy disagreements in the past.