More than a year ago, the Organization of Petroleum Exporting Countries (OPEC) officially welcomed its newest and 12th member, Angola. Such a move by the cartel is rare. The last time OPEC admitted a country into its ranks was 1975, the year Angola secured its independence from Portugal. What undoubtedly prompted the invitation was the southern African country's oil reserves, standing at more than nine billion barrels: it is the fourth-largest total in Africa, trailing only Libya, Nigeria and Algeria. In fact, Angola is now the continent's second-largest producer after Nigeria. It is also a major supplier to China, providing it with 14 percent of its crude oil, as of October 2007.
Angolans See Little Benefit from Oil Wealth, OPEC Membership
