• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 13 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 2 mins Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 12 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 8 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 13 hours Solar Industry Lays Claim To The 2020s; Kicks Off The Solar+ Decade
  • 2 hours California Threatens Ban on ICE Cars
  • 20 hours Iran v USA the perfect fire triangle
  • 18 hours U.S. and Turkey
  • 11 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 9 hours Get First Access To The Oilprice App!
  • 17 mins How can Trump 'own' a trade war?
  • 1 day DUG Rockies: Plenty Of Promise, Despite The Politics
  • 1 day DeBlasio to Run for President
Global Fossil Fuel Subsidies Hit $5.2 Trillion

Global Fossil Fuel Subsidies Hit $5.2 Trillion

The International Monetary Fund has…

Bearish EIA Report Keeps Oil Prices Down

Bearish EIA Report Keeps Oil Prices Down

Oil prices got a bearish…

How Low Can It Go? Angola’s Oil Exports To Hit Decade Low In June

Luanda Angola

Production outages and maintenance are set to push Angola’s oil exports to a 13-year low, according to an industry source quoted by Reuters.

 There are just 38 oil cargoes scheduled in June, a 10-cargo loss from May levels and represents the lowest exports since this data first began to be tracked in 2006. Just 1.2 million barrels per day are scheduled to be exported from Angola in June. Exports averaged 1.58 million barrels per day in 2017.

The lower exports are a result of production issues at Angola’s Girassol offshore platform this month, along with a shutdown of its Saturno oilfield to conduct necessary maintenance.

Angola’s oil production has slowly dropped over recent years, averaging 1.63 million bpd in 2017 and 1.51 million bpd in 2018, before falling to 1.45 million in the first quarter of this year, according to secondary sources from OPEC’s Monthly Oil Market Report, as aging fields struggle to maintain their rates. Its production cut cap under the OPEC agreement is 1.481 million bpd—higher than what Angola is currently producing.

Angola has implemented several new measures over the last year to try and increase its oil production. Measures included reducing tax rates on smaller oil discoveries and creating an agency that would handle oil blocks up for auction rather than its poorly reputed state-run oil company, Sonangol.

Crude oil represents almost 90 percent of all exports from Angola—most of which makes its way to China—and accounts for 80 percent of all government revenues, according to  the Republic of Angola website.

The most recent development in Angola’s oil industry is the Kaombo Sul project by France’s Total, which started up earlier this month, adding 115,000 barrels per day to existing capacity.

By Julianne Geiger 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