"One of the major developments was Angola's departure from the Organization of Petroleum Exporting Countries (OPEC) after the expanded version of this entity allocated the West African nation a smaller quota than intended", reads the report, which states that Angola's oil production should be just above one million barrels per day this year.
"OPEC's production targets for Angola have been considerably higher than the production estimates of the National Oil and Gas Agency (ANPG) and than the supply itself", states the document from the African Energy Chamber, an organization aimed at promoting investments in the energy sector on the continent.
The organization highlights that the difference between OPEC's production targets and actual production has even increased in recent years, "with 2021 production remaining 90 percent of the target, 2022 production slightly above 80 percent and 2023 a little below the target".
"Although the country has registered an increase in investment and drilling in recent years to halt the natural decline, production is yet to reach 1.18 million barrels per day, the share that Angola had requested," analysts say.
On the positive side, they point out that "there are many incentives that have been given to companies, such as a reduction in taxes and improvements in the ability to recover exploration costs, to promote more exploration and drilling activities."
The departure of Angola, at the end of 2023, from OPEC left Libya, Republic of Congo, Gabon, Nigeria, Algeria and Equatorial Guinea as African member countries of the organization, which pump around 3.9 million barrels per day, with the possibility to increase production to 4.28 million barrels per day in the second half of this year.
The African continent is expected to continue to contribute around 8 percent of global oil production, with most of the growth fueled by OPEC countries and Angola, sub-Saharan Africa's second-largest producer after Nigeria.
In the report, analysts write that "Africa could increase its production from 6.5 million barrels per day to almost 7.0 million by the end of 2025", with this increase in production depending "primarily on combating pipeline vandalism and to oil theft in Nigeria, as well as a more stable environment in Sudan, which also affects production in South Sudan."
West Africa, the report says, is the region's largest oil supplier, producing 3.7 million barrels per day, but with a sustained increase in production in Angola, and a recovery in production in Nigeria, the region can increase production to between 3.8 and 2.9 million barrels per day.