According to January results, Angola increased its oil production by 1.4% on a monthly basis, continuing the dynamics of December RBC. This is the country’s first result after leaving OPEC since the beginning of 2024.
Angola is among the three largest oil producers in Africa, along with Nigeria and Algeria. The country’s average daily production in 2023 was 1.1 million barrels/day. OPEC+ wanted to set the production ceiling for Angola at this level and reduce the quota from 1.28 million barrels per day.
The Angolan government, whose priority was to revive the country’s economy, insisted on a quota of 1.18 million barrels per day. However, this proposal was not met with the support of the association. As a result, Angola announced its withdrawal from OPEC in December.
Meanwhile, analysts are skeptical that the growth in oil production in Angola will remain sustainable. OPEC expects production in the country to decrease by 40 thousand barrels annually. The IEA’s 2024 forecast foresees a decrease in production of 30 thousand barrels per day.
Before that, analyst Mikhail Vasiliev named Consequences of Angola’s departure from OPEC for Russia.
Previously at the Ministry of Energy said About the plan for oil production in the Russian Federation.