"Oil production in Angola rose slightly in November, meeting the government's target; we forecast crude oil production to have increased 3.6 percent last year to 1.170 million barrels per day, rising slightly to 1.173 million barrels per day in 2025", analysts write in a comment on production in the second largest oil producer in sub-Saharan Africa.
In the note, sent to clients and to which Lusa had access, the African department of this London consultancy points out that the International Energy Agency's figures on Angola's oil production "are in line with the government's objective of 1.180 million barrels diaries for 2024".
The data, they continue, "shows that production recovered to 2022 levels after extensive maintenance operations at the Dalia well in the first quarter of 2023 caused a decline in production."
Last year's recovery "supported stronger economic growth in 2024, as the oil sector accounts for 25 percent of GDP and almost 90 percent of trade, but this year's predicted stagnation will see the economy grow by 2.7 percent, this year, compared to the estimate of 3.7 percent for 2024", conclude the analysts.
The biggest dangers regarding this forecast for this year are related to China, which purchases more than 50 percent of Angolan oil, and are related to "possible delays in national oil projects, a reduced demand for Angolan oil due to increased sales of electric vehicles in China, and a slowdown in the construction sector".
