• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 17 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 11 hours Even Shell Agrees with Climate Change!
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days Does Toyota Know Something That We Don’t?

Breaking News:

OPEC Lifts Production in February

Microwave Energy Could Fix The Biggest Problem Facing EVs

Microwave Energy Could Fix The Biggest Problem Facing EVs

Researchers from the University of…

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Despite tightened budgets, frontier drilling…

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

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.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News