Luanda – Angola’s oil production quota rose from 1.4 million to 1.5 million barrels/day, for the month of July, after an agreement reached between OPEC and allies.
At its 29th meeting, held Thursday in Vienna, Austria, the Organisation of Petroleum Exporting Countries and allies (OPEC+) agreed to increase the Cartel’s production from 400,000 to 648,000 barrels of oil per day (bpd), for the months of July and August this year, so Angola’s quota also rose.
The country’s production currently stands at 1.1 million barrels/day, below the quotas authorised by the Cartel.
The table released on the OPEC website, to which ANGOP had access, also includes the production quota defined for other member countries.
This increase in OPEC+ oil production serves to offset a drop in Russian production.
The compensation period will be extended until the end of December 2022, as requested by some underperforming countries, but, according to OPEC+, they will have to submit their plans by June 17 this year.
The intention is to help Russian oil-consuming countries to deal with the embargo imposed by the European Union due to the war in Ukraine.
Thursday’s meeting saw the latest re-opening of lockdowns in major global economic hubs, as well as global refinery intake expected to rise following seasonal maintenance.
The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products.
The next Cartel Ministerial Meeting (30th) will take place on the 30th of this month in Vienna.
OPEC members include Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia (de facto leader), United Arab Emirates and Venezuela. Ecuador, Indonesia and Qatar are former members.
The organisation, based in Vienna, was founded on September 15, 1960, in Baghdad, Iraq, by five countries, namely Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Source: Angola Press News Agency