Inventory shows Angola will produce 1.8 million barrels of oil/day in 2015

9 February 2015

An inventory of each oil well in Angola, to measure expected oil production in 2015, resulted in a production forecast of 1.8 million barrels per day, said Angola’s Minister of Planning and Territorial Development.

Minister Job Graça said this production represents a 9.8 percent increase over that recorded in 2014, in which the daily average was 1.671 million barrels.

Graça also said that apart from the oil sector, there was “a rigorous assessment of what will happen in agriculture, construction, industry and market services,” which together represent about 90 percent of Gross Domestic Product ( GDP).

“It is this accounting,” said the minister, “which assures us we are close to 6.6 percent for the forecast of real growth rate of GDP.”

Graça stressed the importance of combining fiscal and monetary policy instruments so that means of payment grow at a consistent rate in this period, specifically the nominal growth rate of GDP, which should be around 14.8 percent. (macauhub/AO)