• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 21 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 19 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 20 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 13 hours Why hydrogen economics does not work
  • 12 hours China goes against US natural gas
Are The Saudis Involved In The Tesla Buyout Plan?

Are The Saudis Involved In The Tesla Buyout Plan?

Saudi Arabia’s Public Investment Fund…

Deciphering The New Caspian Agreement

Deciphering The New Caspian Agreement

The Caspian deal is a…

Angola’s March Oil Exports To Drop To 1.51 Million Bpd

OPEC flag

Angola’s state-held oil firm Sonangol plans to load 1.51 million barrels per day in March under its finalized exports schedule, down from plans to export 1.62 million bpd in February, Reuters reported on Friday, citing a copy of the loading program it had seen.

Some dates for shipping crude have been altered, but the March volumes are the same as released in the loading schedule from ten days ago, Reuters said.

Most of the oil in the March schedule is already traded and a large part of it is bound for Asia, where demand for medium and heavy crude grades is solid.

An OPEC member and one of Africa’s biggest producers, Angola pledged to cut 78,000 bpd of its production as part of the cartel’s deal to curtail supply in the hope of rebalancing the oil market and lifting crude oil prices.

Early this month, Sonangol said that it had cut crude production by 78,000 bpd to 1.673 million bpd as part of the OPEC agreement.

Angola, whose economy has heavily suffered from the oil price bust, is now complying with the OPEC deal, hoping that prices will go up. Oil output and supporting activities make up around 45 percent of Angola’s GDP, and oil accounts for more than 95 percent of the country’s exports, OPEC’s facts and figures show.

For a few months last year, Angola was Africa’s largest oil producer after Nigeria’s output had crumbled due to the militant attacks in the Niger Delta.

Related: Iran To Export More Oil In February

But OPEC’s recent production figures show that Nigeria is regaining its status as Africa’s top oil producer. By November 2016, Nigeria managed to increase its oil production to nearly 1.8 million bpd, according to OPEC direct communication figures. Secondary sources in the OPEC report pegged Nigeria and Angola’s output at 1.692 million bpd each, while self-reported figures showed that Nigeria produced 1.782 million bpd against Angola’s 1.688 million bpd.

OPEC’s latest available production figures for December 2016 show that Angola’s output was 1.724 million bpd while Nigeria lagged behind with 1.542 million bpd, according to secondary sources. In direct communication, Nigeria bragged about output of 1.940 million bpd, while Angola reported production of 1.639 million bpd.

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