Ver Angola


Daily oil production drops to 1.224 million barrels in June

Angola produced 1.224 million barrels of oil per day in June, down 51,000 from May, according to the monthly report by the Organization of Petroleum Exporting Countries (OPEC) released this Tuesday.


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

In April, OPEC's count was 1.313 million barrels per day, and this production fell in the following month to 1.275 million barrels per day (revised downwards).

Angola maintained its position as OPEC's second largest African crude producer, behind Nigeria.

Nigeria, Africa's leading oil producer, saw its daily production also fall to 1.504 million barrels per day in June, down 88,000 barrels from 1.592 million barrels in May.

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 organisation, Angola had produced 1.230 million barrels per day in May, eight thousand more barrels per day than the previous month.

In the case of Nigeria, daily production stood at 1.411 million barrels in June, down 25 thousand barrels per day on the previous month.

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.

OPEC members and a group of allied producers, including Russia, have agreed to make further cuts in production from early May, with the reduction continuing in July.

The cut in production is intended to boost prices, which have fallen sharply due to the health crisis, with a sharp drop in demand, particularly in transport.

After a drop in world oil demand in 2020 estimated at 8.8 million barrels per day, under the effect of the pandemic, OPEC points to a recovery of seven million barrels per day in 2021.

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