• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 7 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 5 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 3 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 1 day Trump Hands Putin Major Geopolitical Victory
  • 6 hours America Could Go Fully Electric Right Now
  • 1 min Buying votes is cool now.
  • 1 day Those Nasty White People and Camping Racism
  • 5 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 17 hours .
  • 13 hours The Truth about Chinese and Indian Engineering
  • 16 hours Brent above $45. Holding breath for $50??
  • 23 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 16 hours The World is Facing a Solar Panel Waste Problem
  • 2 days Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days China wields coronavirus to nationalize American-owned carmaker
Taiwan Detains Chinese Oil Tanker

Taiwan Detains Chinese Oil Tanker

Taiwan has detained a Chinese…

Low Quality Crude Is Crushing Venezuelan Oil Exports

Low Quality Crude Is Crushing Venezuelan Oil Exports

Poor crude quality is dealing…

Angola Unwilling To Compensate For Loose Compliance With OPEC+ Deal

Angola is not too keen to compensate for its loose compliance with the OPEC+ cuts by making deeper production cuts in Q3, Reuters reported on Thursday, citing sources in the industry and OPEC.

OPEC’s top producer and de facto leader, Saudi Arabia, has been trying for weeks to persuade the laggards in the OPEC+ deal – namely Iraq, Nigeria, Angola, and Kazakhstan – to cut production in July, August, and September more than they are supposed to, in order to compensate for their failure to fully comply with the agreement in May and June.  

OPEC+ agreed in June to extend the record production cuts of 9.7 million bpd by one month through the end of July, contingent on all countries in the pact complying 100 percent with their quotas and compensating for any lack of compliance by overachieving in the cuts in Q3.

At the video news conference following the OPEC+ meeting, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, emphatically said that “We have no room whatsoever for lack of conformity.” 

Still, Iraq, Nigeria, and Angola continued to pump above their targets in June as OPEC’s total production slumped to a three-decade low, thanks to the record production cuts and the extra efforts from Saudi Arabia and its Gulf partners to make further cuts last month.   

Iraq – which has been the least compliant member of the coalition – has promised to compensate for the loose compliance in May and June with deeper cuts in July and the following months. 

But Angola is not promising anything yet, according to Reuters’ sources. 

Premium: The Country That Won The Oil War

“Angola is saying they would not compensate for its overproduction in July-September like the rest of the countries but would be able to compensate only in October-December,” an OPEC source told Reuters.

“We are still trying to convince them,” the source added.

Angola plans to deliver in August the full contractual volumes to customers in India and China, including MRPL, Indian Oil Corp (IOC), and Sinopec’s trading unit Unipec, a source with knowledge of Angola’s export plans told Reuters.

Just yesterday, The Wall Street Journal reported, citing delegates, that the Saudi Energy Minister, Prince Abdulaziz bin Salman, had threatened a new oil price war unless Angola and Nigeria toe the line.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News