Minister of Mineral Resources and Petroleum, Diamantino Azevedo, explained that the choice was not made lightly, asserting that OPEC membership no longer aligns with the interests of the African nation.
"We feel that at this moment Angola gains nothing by remaining in the organization and, in defence of its interests, it decided to leave," quoted Azevedo in a statement from the presidency.
The presidency clarified that the decision was reached during a cabinet meeting chaired by President Joao Lourenco in the capital, Luanda. Subsequently, Lourenco formalized the matter by signing a decree.
Azevedo, in an interview with state broadcaster TPA, conveyed Angola's dissatisfaction with OPEC's recent decision to further reduce production next year, a move aimed at stabilizing fluctuating prices.
"We think the time has come for our country to be more focused on our goals," he told state broadcaster TPA.
"If we remained in OPEC... Angola would be forced to cut production and this goes against our policy of avoiding decline and respecting contracts."
Angola is one of the largest oil exporters in Sub-Saharan Africa, alongside Nigeria.
Both countries expressed dissatisfaction with their production quotas at the November OPEC ministerial meeting as they seek to step up production to secure vital foreign currency.
The meeting had to be postponed for several days because of disagreements.
"When we see that we are in organisations and our contributions, our ideas, do not produce any effect, the best thing is to withdraw," Azevedo said.
Crude prices are sitting near their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
They have jumped in recent days as cargo shippers and oil firms say they will avoid using the Red Sea and Suez Canal because of drone and missile attacks by Huthi rebels. But they still remain below $80 a barrel.
Nevertheless, crude prices remain above the average of the past five years.
