Last Sunday, OPEC and its main partners, meeting within OPEC+, agreed a cut in production of 9.7 million barrels per day (bpd) in May and June, to cope with the free fall in oil barrel prices.
Under the agreement, a reduction of 7.7 million barrels was also determined between July and December 2020 and 5.8 million barrels between 1 January 2021 and 30 April 2022.
According to these adjustments, which take October 2018 production as a reference (with the exception of Russia and Saudi Arabia), Angola should produce 1,180 million barrels per day in May and June, applying a 23 percent cut compared to 2018 production (1,528 bpd), according to OPEC tables.
Between July and December 2020, according to the agreement, Angola's production rises to 1,249 million barrels per day, as the overall cut goes from 9.7 mpb to 7.7 mpb, reflecting an overall adjustment from 23 percent to 18 percent.
The revised production forecast for Angola for 2020 is 1,360 million barrels per day.
Between January 2021 and April 2022, production cuts are eased to 14 percent and Angola could start producing 1.319 million barrels per day.
On average, the reduction in production between May 2020 and April 2022 is 18.3 percent.
The International Energy Agency (IEA) indicated Tuesday in its monthly report on the oil market that world demand for oil was expected to fall 9.3 million barrels per day this year due to the global economic stalemate generated by covid-19.
This "historic" drop is expected to bring world consumption to the 2012 level of around 90.6 million barrels per day, predicts the Paris-based agency, blaming the causes on containment measures and the near-stoppage of transport around the world.
Globally, the covid-19 pandemic has already claimed almost 127,000 lives and infected more than two million people in 193 countries and territories.
The disease is transmitted by a new coronavirus detected at the end of December in Wuhan, a city in central China.
To combat the pandemic, governments have sent four billion people (over half the world's population) home, shut down non-essential trade and drastically reduced air traffic, paralysing entire sectors of the world economy.
The "Great Confinement" led the International Monetary Fund (IMF) to make unprecedented forecasts in its nearly 75 years: the world economy will fall by 3 percent in 2020, dragged down by a 5.9 percent contraction in the United States, 7.5 percent in the eurozone and 5.2 percent in Japan.
