Angola close to meeting OPEC’s oil production target

16 January 2018

Daily production of oil in Angola of 1.6 million barrels is almost reaching the goal set by the Organization of the Petroleum Exporting Countries (OPEC) of 1.678 million barrels per day, the Angolan representative in the African Petroleum Producers Organisation (APPO) said on Monday.

Estêvão Pedro, who was speaking at an extraordinary meeting of the APPO experts’ committee in Luanda, said that more investment was needed in order to achieve the Angolan oil production target.

The Angolan representative at APPO described the current price per barrel of oil, as “satisfactory” and that it had been reached due to OPEC and other countries reducing surplus production, according to Angolan news agency Angop.

The State Secretary for Oil, Paulino Jerónimo, referring to the price of oil on the international market, said that the new reality requires operators and service companies to be increasingly ingenious in their search for solutions to cut costs without compromising production.

APPO, set up 31 years ago as a platform for cooperation, collaboration and exchange of experiences among its members, replaces the Association of African Petroleum Producing Countries (APPA), is made up of 18 African countries and its founding members were Algeria, Angola, Benin, Cameroon, Congo, Libya and Nigeria. (macauhub)