The holder of the Mineral Resources and Petroleum portfolio explained, quoted by Angop, that it is currently possible to store between 400 and 600 million barrels. However, the perspectives are that this month the number of barrels in storage will increase by around 25 million barrels.
Although OPEP has decided to cut the number of barrels by 10 million, the Angolan government says it is not enough: "These cuts are not enough to bring liquidity between demand and supply, a fact that has led other non-member countries such as the United States, Canada, Norway and Brazil to decide and commit themselves to also make cuts of around 9.4 million barrels".
Diamantino Azevedo also said that despite the cuts that have been made, if the pandemic continues, the balance between demand and supply will not be restored and warned that if storage capacity runs out, oil production could even stop.
