Angola expects to produce 1.436 million barrels of oil per day in 2020, against the current 1.39 million barrels per day, said on Wednesday in Luanda the Minister of Oil and Mineral Resources, Diamantino Azevedo.
The minister, speaking to the Angop news agency about the 177th OPEC ministers meeting, which was held on Thursday, also said that keeping prices at levels that satisfy both producers and consumers is possible through the efforts made by OPEC member countries and non-OPEC countries.
At its 175th meeting, held in December 2018, OPEC decided on a cut of 1.2 million barrels per day, with cuts of 800,000 barrels for OPEC countries and 400,000 barrels for non-OPEC countries.
On that occasion, Angola’s quota was set at 1.481 million barrels per day, but the country is currently producing approximately 1.390 million barrels per day.
The OPEC monthly oil market report for November said that in October Angola produced between 1.356 and 1.391 million barrels per day, according to secondary sources and direct communication, respectively.
Minister Diamantino Azevedo said that Angola advocates for the cuts decided by OPEC in 2018 to remain in place, claiming that their continuity will benefit the Angolan economy and others as it raises prices and provides more foreign exchange earnings. (macauhub)