A Year Post-OPEC Exit: Angola's Oil Output Experiences Modest Increase
Click to start listening
Luanda, Jan 1 (NationPress) Angola's average daily oil production has reached 1.134 million barrels during the first three quarters of 2024, marking a 4 percent increase compared to the corresponding period in the previous year, as reported by Angola's National Petroleum, Gas and Biofuels Agency (ANPG).
This growth comes in the wake of Angola's departure from the Organization of the Petroleum Exporting Countries (OPEC) on December 21, 2023, a decision spurred by discontent with its production quota of 1.11 million barrels per day. Data from ANPG reveals that monthly production during the initial three quarters and November generally surpassed the previous OPEC-imposed limit, with the exception of April, when production dipped below the quota, and October, when output figures were not disclosed, as per Xinhua news agency.
The Angola Press Agency has indicated that government stabilization initiatives have played a role in bolstering production. Nevertheless, output continues to remain well below the 2015 peak of 1.8 million barrels per day. The recent gains are credited to the launch of new oil wells and interventions across various concessions.
On Friday, Diamantino Pedro Azevedo, Angola's minister of mineral resources, oil, and gas, reaffirmed the government's intention to maintain oil production above 1 million barrels per day in 2025, with the goal of reversing the sector's recent downturn and ensuring a stable supply in both domestic and international markets.
A representative from a local petroleum firm informed Xinhua that the slight uptick in Angola's oil production in 2024 is primarily the result of collective efforts aimed at enhancing output over recent years.
He pointed out that the aging of Angola's oil wells remains a long-term challenge, a trend that is hard to amend over the next decade. However, the introduction of new wells provides potential for ongoing growth and stability in production in the years ahead.
According to both international and Angolan data, Angola continues to be the second-largest oil exporter in sub-Saharan Africa, trailing only Nigeria.
