Angola to be oil producer to contribute most to increase in world supply

11 July 2006

Lisbon, Portugal, 11 July – Angola is the non-OPEC country that will contribute most to the increase in the world supply of oil by 2010, of a list of five countries drawn up by Deutsche Bank, which also included Brazil.

In a report by the German bank’s chief economist for the power sector, Adam Sieminski, the average annual contribution by Angola to world supply, over the next four years, is expected to be 1.25 million barrels per day.

Russia will contribute 1.02 million barrels per year and Kazakhstan and Azerbaijan, 940,000 barrels and 890,000 barrels respectively.

Brazil is expected to increase production by 830,000 barrels, while Canada will contribute 640,000 barrels.

In percentage terms, the greatest rises will be in Azerbaijan, 25.3 percent, Angola, 15 percent, and Kazakhstan, 11.7 percent.

According to the report, production increases in these countries, which do not belong to the Organization of Petroleum Exporting Countries, will make up for falls in production expected in the United States, Mexico, Norway and the United Kingdom.

Production increases in non-OPEC countries are expected to be 11-fold this year to 1.1 million barrels, the same level posted in 2004.

According to Siemenski, “non-OPEC production growth has been a rollercoaster and looks to continue to be volatile.”

“In 2010, production growth could fall once again, with reserves running out in the North Sea, North America and other areas, being more difficult to compensate,” he said. (macauhub)