Numbers Report – December 15, 2023
In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.
Let’s take a look.Hitting Back at Production Mandates, Angola Quits OPEC
- Having been a member of OPEC for 16 years since January 2007, the African country of Angola surprised the oil community by saying it will quit the oil group following months of disputes over its production quota.
- The most recent OPEC+ meeting on November 30 curbed Angola’s 2024 production quota by 350,000 b/d to 1.11 million b/d, as its output capacity was repeatedly assessed by OPEC secondary sources.
- Angola’s production peaked at 1.9 million b/d back in 2010 and has been in structural decline ever since, negatively impacted by a slowdown in investment and a lack of oil discoveries (the Bavuca find in November 2022 was the first in nearly 20 years).
- Angola became the fourth country to leave OPEC in the past ten years, after earlier departures of Indonesia, Qatar and Ecuador, with its current production of 1.13 million b/d expected to trend sideways despite having more freedom to produce.
- Leading international shipping companies have placed a blanket ban on tanker transit…