Ver Angola

Energy

Angola produced 1.163 million barrels of oil per day in March

Angola produced 1.163 million barrels of oil in March, 40,000 more than in February, according to the monthly report by the Organization of Petroleum Exporting Countries (OPEC).

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The published figures, based on data from secondary sources, registered an increase in production, after a drop of 38 thousand barrels per day in February, compared to the previous month.

In January, OPEC counted 1.161 million barrels per day, with this production coming down in the following month, to 1.123 million barrels per day.

The country is now the third largest African crude producer in OPEC, behind Nigeria and Libya, which has seen an increase in its production in recent months.

Nigeria, the African leader in oil production, saw its daily production increase to 1.481 million barrels in March, with a slight increase of eight thousand barrels per day.

Libya, which surpassed, according to OPEC data, Angolan production in February, produced 1.966 million barrels per day in March.

For practically the entire year 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 states that, in terms of "direct communications" to the organization, Angola will have produced 1.138 million barrels per day in March, about 1,000 more barrels per day than in the previous month.

In the case of Nigeria, daily production stood at 1.429 million barrels in March, registering an increase of around 5,000 barrels per day compared to the previous month.

Libya's official data report a daily production of 1.283 million barrels of oil per day, plus 100,000 barrels a day compared to February.

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.

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

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

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