Angola to Cut 261,000 Barrels of Oil Per Day

Dec 09, 2020

Angola is expected to set oil production at one million and 267 thousand barrels per day in 2021, reducing it's production by 261,000 barrels per day as indicated on OPEC adjustment table in the meeting held on 3 December in Vienna, Austria.

If the country's production grows, it cannot exceed this maximum (1.528mb/d).

With the cuts planned for all Opec members in 2021, world oil production is expected to reach 36.653 million barrels per day, with a reduction of 7.200 million barrels per day.

Without cuts, world production for the coming year was estimated at 43.853 mb/d.

OPEC and its non-OPEC partners expect global oil demand to contract by 9.8 million barrels per day (mb/d) in 2020 before recovering by 5.9 mb/d in 2021.

To ensure implementation of the 3 December conference deliberations, OPEC and non-OPEC agreed to hold monthly meetings starting in January 2021 to assess market conditions and decide on further production adjustments.

 

Angola Press Agency

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