Angola’s oil production growth after OPEC exit

LUANDA, Jan. 1, ’25 (TNZ) Angola’s average daily oil production reached 1.134 million barrels in the first three quarters of 2024, increasing by four per cent.

This compared to the same period last year, according to data from Angola’s National Petroleum, Gas and Biofuels Agency (ANPG).

The rise follows Angola’s exit from the Organisation of the Petroleum Exporting Countries (OPEC) on Dec. 21, 2023.

OPEC’s exit is driven by dissatisfaction with ANPG’s production quota of 1.11 million barrels per day.

ANPG data indicates that monthly output throughout the first three quarters and November generally exceeded the previous OPEC-mandated cap, except for April.

That was when production fell below the quota, and October when figures were not disclosed.

According to the Angola Press Agency, government stabilisation measures have contributed to the uptick in production.

However, output remains significantly below the 2015 peak of 1.8 million barrels per day.

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The gains were attributed to the commissioning of new oil wells and interventions in various concessions.

Last Friday, Diamantino Pedro Azevedo, Angola’s Minister of Mineral Resources, Oil and Gas, affirmed the government’s commitment to sustaining oil production above one million barrels per day in 2025.

This is aiming to reverse the sector’s recent decline and ensure supply stability in both domestic and international markets.

A representative of a local petroleum company told Xinhua that the slight increase in Angola’s oil production in 2024 is the result of cumulative efforts to improve output in recent years.

He noted that the ageing of Angola’s oil wells remains a long-term challenge, a trend that is difficult to reverse over the next decade.

However, the commissioning of new wells offers the potential for continued growth and stability in production over the coming years.

According to both international and Angolan statistics, Angola remains sub-Saharan Africa’s second-largest oil exporter, second only to Nigeria. (Xinhua)