Angola: Oil exports to increase at the beginning of 2009

18 December 2008

London, United Kingdom, 18 Dec – Angolan oil exports are expected to increase at the beginning of 2009 to close to the quota set by the Organisation of Petroleum Exporting Countries (OPEC) of 1.9 million barrels per day.

Figures published Wednesday by the oil companies operating in Angolan showed that exports would total 1.88 million barrels per day in February 2009, the shortest month of the year.

Against January, when exports are expected to total 1.84 million barrels, the February figures show a rise of 40,000 barrels per day.

The projection for the next month points to a reversal in the downward trend in exports, which in December was 6 percent, reflecting production cuts imposed by OPEC in order to try to reverse the fall in oil prices on the international market.

In the middle of this year Angolan exports reached slightly above the OPEC quota at 1.91 million barrels per day, ahead of what has traditionally been Africa’s biggest oil producer, Nigeria.

Angolan production rose 18 percent last year, to a daily average of 1.61 million barrels, according to figures from the International Energy Agency (IEA). (macauhub)