Ver Angola

Energy

Oil production drops to 1.280 million barrels per day in May

Angola produced 1.280 million barrels of oil per day in May, down 33,000 from April, according to the monthly report from the Organization of Petroleum Exporting Countries (OPEC) released this Wednesday.

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The figures published, based on data from secondary sources, show a fall, as in the previous month.

In March, OPEC counted 1.402 million barrels a day, and this production would fall the following month to 1.313 million barrels a day.

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 also fall to 1.592 million barrels per day in May, down 185,000 barrels from 1.777 million barrels in April.

For almost 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 latest OPEC report also states that in terms of "direct communications" to the organization, Angola will have produced 1.222 million barrels per day in May, 130,000 fewer barrels per day than the previous month.

The report does not present data from official Nigerian sources.

In the latest monthly report on the oil market, released this Wednesday in Vienna, OPEC reports that the OPEC+ alliance of 23 countries - 13 OPEC and 10 non-OPEC - has reduced joint production by 8.84 million barrels per day.

In April, 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.

On 6 June OPEC+ decided to extend this record cut until 31 July and to review monthly compliance with the agreement and the market situation.

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

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