Ver Angola


Oil production grew to 1.402 million barrels per day in March

Angola produced 1.402 million barrels of oil per day in March, up 15,000 on February, according to the monthly report by the Organization of Petroleum Exporting Countries (OPEC) released this Thursday.


The published figures, based on data from secondary sources, show an increase in daily output during the first quarter.

In January, OPEC's count was 1.375 million barrels per day, with production rising the following month to 1.387 million barrels per day - a revised downwards figure from the 1.39 million announced in the previous report.

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

Nigeria, Africa's leading oil producer, saw its daily production grow to 1.853 million barrels per day, up 65,000 barrels from 1.788 million barrels in February.

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

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

The most recent OPEC report also said that in terms of "direct communications" to the organization, Angola had produced 1.404 million barrels per day in March, 17 thousand more barrels per day than the previous month.

Data from official Nigerian sources in the report points to an increase of 37 thousand barrels per day in March, to 1.780 million.

On Sunday, OPEC countries approved a cut of 9.7 million barrels per day between 1 May and 30 June this year, and this cut should then be readjusted to eight million barrels per day by the end of the year in an attempt to level out a market particularly affected by the covid-19 pandemic.

The agreement also assumes that this cut will be reduced by six million barrels per day between 1 January 2021 and the end of April 2022.

The cut announced on Sunday represents a tenth of global supply, according to industry officials from several negotiating countries, and is an unprecedented agreement.

Due to the consequences of the spread of the new coronavirus, with the impact on the economy and the decrease in consumption, the Joint Technical Committee of OPEC has been recommending cuts in oil production.

The aim of the agreement is to find a solution to the rapid fall in oil prices due to the collapse in demand and the price war between Saudi Arabia and Russia.

The covid-19 pandemic has unbalanced a market where global supply was already in surplus and is now in seldom seen proportions, with travel restrictions taken in all countries to prevent the spread of the new coronavirus.

A further meeting is scheduled for 10 June, by videoconference, "to decide on additional measures as necessary to balance the market.

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