One Year After OPEC Exit, Angola's Oil Production Sees Modest Growth

2024-12-31 08:15:16

(MENAFN- IANS) Luanda, Jan 1 (IANS) Angola's average daily oil production reached 1.134 million barrels in the first three quarters of 2024, increasing by 4 per cent compared to the same period last year, according to data from Angola's National Petroleum, gas and Biofuels Agency (ANPG).

The rise follows Angola's exit from the Organization of the petroleum Exporting Countries (OPEC) on December 21, 2023, driven by dissatisfaction with its production quota of 1.11 million barrels per day. ANPG data indicates that monthly output throughout the first three quarters and November generally exceeded the previous OPEC-mandated cap, except for April, when production fell below the quota, and October, when figures were not disclosed, Xinhua news agency reported.

According to the Angola Press Agency, government stabilisation measures have contributed to the uptick in production. However, output remains significantly below the 2015 peak of 1.8 million barrels per day. The gains were attributed to the commissioning of new oil wells and interventions in various concessions.

Last Friday, Diamantino Pedro Azevedo, Angola's minister of mineral resources, oil and gas, affirmed the government's commitment to sustaining oil production above 1 million barrels per day in 2025, aiming to reverse the sector's recent decline and ensure supply stability in both domestic and international markets.

A representative of a local petroleum company told Xinhua that the slight increase in Angola's oil production in 2024 is mainly the result of cumulative efforts to improve output over recent years.

He noted that the aging of Angola's oil wells remains a long-term challenge, a trend that is difficult to reverse over the next decade. However, the commissioning of new wells offers potential for continued growth and stability in production over the coming years.

According to both international and Angolan statistics, Angola remains sub-Saharan Africa's second-largest oil exporter, second only to Nigeria.

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