Ver Angola

Energy

Angola produced 1.174 million barrels of oil per day in January

According to the monthly report of the Organization of Petroleum Exporting Countries (OPEC) released this Thursday, Angola produced 1.174 million barrels of oil in January, 7000 more than in December 2020.

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The published figures, based on data from secondary sources, registered an increase in production, after a drop of 22 thousand barrels per day in December, compared to the previous month.

In November 2020, OPEC counted 1,190 million barrels per day, with this production falling in the following month, to 1,168 million barrels per day.

Angola maintained its position as the second largest African crude producer in OPEC, behind Nigeria.

Nigeria, the African leader in oil production, saw its daily production decline to 1.342 million barrels after a drop in production of 31,000 barrels per day.

During practically the entire year of 2016 and until May 2017, Angola led oil production in Africa, a position that it has since lost to Nigeria.

Production in Nigeria was conditioned, between 2015 and 2016, by terrorist attacks, armed groups and internal political instability.

According to OPEC data, Angola recorded, in 2020, an average daily production of 1.262 million barrels, a reduction of 139 thousand barrels per day compared to 2019.

Nigeria recorded a drop of 203,000 barrels per day in 2020 compared to the previous year.

The most recent OPEC report also states that, in terms of "direct communications" to the organization, Angola will have produced 1.133 million barrels per day in January, 12,000 barrels less per day than in the previous month.

In the case of Nigeria, daily production stood at 1.382 million barrels in January, although it increased by 208 thousand barrels per day compared to the previous month.

Due to the consequences of the covid-19 pandemic, with the impact on the economy and the decrease in consumption, the OPEC Joint Technical Committee recommended several cuts in oil production.

In official terms, Angola's average production during 2020 was 1.277 million barrels per day, while the Nigerian figure reached 1.477 million barrels.

The pandemic has hit oil demand due to the global economic slowdown, with restrictions on circulation, teleworking and reduced travel causing energy consumption to drop.

Angola was elected, on 30 November, to the rotating presidency of the OPEC ministerial conference in 2021, replacing Algeria.

OPEC has existed since 15 September 1960 and includes Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, United Arab Emirates and Venezuela.

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