"Angola should keep its production stable according to what was stipulated in the agreement with the Organization of Petroleum Exporting Countries (OPEC), which has been careful to analyze beyond the framework in the petroleum area, the economic and socio-economic issues of the countries members, "said Sérgio Pugliese in an interview with Lusa.
For the president of CEA in Angola, OPEC and allied countries have "helped the member countries whose economies are under more pressure to reduce prices, which was visible in 2019 when several countries had a moratorium and were not required to reduce their production ", which, in the case of Angola, should be below 1.5 million barrels per day in the coming years.
"Angola's production over the next two to three years will be above 1.2 million barrels per day, reaching 1.4 million with the entry of projects that caused an increase that should support the level of production above 1, 2 or 1.3 million barrels ", said the official, adding that in the coming years the value may even rise.
"After 2022, the outlook for the evolution of oil production in Angola is dependent on the country's ability to attract exploration investment, since regulatory reforms since 2017 have made Angola's waters extremely competitive for investors, which is joined by the strategy bidding process between 2019 and 2025, which is very ambitious ", pointed out Sérgio Pugliese, pointing out that" the oil companies show great interest ".
As of January, Angola assumes the rotating presidency of OPEC, facing a division within the oil-producing cartel, which already represents less than 50 percent of world production, but which maintains a significant influence in the definition of prices.
Asked about the importance of taking this position in a context of post-pandemic recovery of covid-19 and taking into account the small size of Angola in comparison with the large producers, Pugliese expressed his optimism with the performance of the Angolan minister of the sector.
"Decisions at OPEC should always be unanimous, regardless of the weight that each country has in terms of oil production or reserves," said the leader of the CEA in Angola, adding that Minister Diamantino Azevedo, who "led the oil reform in Angola in a pragmatic and efficient way, it should now print this same dynamic during the Presidency of Angola in OPEC ".
The value of oil at 50 dollars, as it currently stands, is good news for the country, since the value from which production is profitable is between 35 and 40 dollars, with the Government inscribed in the Budget for 2021 the reference value of 39 dollars, which should provide a comfortable margin for price fluctuation.
"Above 35 to 40 dollars per barrel, it starts to be a comfortable territory for Angola," replied the official when asked about the value from which national production is profitable.
