Posted 12/21/2023, 8:39:24 PM
Angola Quits OPEC as US Oil Production Hits Record High; Yemen Rebel Attacks Support Prices
- Angola announced it is leaving OPEC, further reducing OPEC's global market share to 27%
- US crude oil production hit a new record of 13.3 million barrels per day
- Houthi rebel attacks in the Red Sea disrupted oil shipments, supporting crude prices
- Crude prices bounced back after initially falling on Angola's OPEC departure
- WTI crude closed slightly lower on the day around $74 per barrel after touching $75.40