[2020-03-13] Angola’s oil production increases slightly in February 2020

Source: Macauhub

Angola’s oil production rose by 15,000 barrels per day in February this year to 1.390 million barrels per day, according to the March 2020 report on the oil market from the Organization of Petroleum Exporting Countries.

The published data, based on secondary sources, is a reversal of the trend seen in January this year, when Angolan oil production showed a decline of 33,000 barrels per day compared with 1.408 million barrels per day recorded in December 2019.

Base on direct communication Angolan oil production in February fell by 27,000 barrels per day to 1.387 million barrels per day.

The number of barrels extracted in February, however, is higher than that recorded in December 2019, when production amounted to 1.369 million barrels per day.

According to secondary sources, Angolan oil production has been in decline, recording an average of 1.505 million barrels per day in 2018 and 1.401 million barrels per day in 2019.

Based on direct communication the reality is similar, with production of 1.473 million and 1.377 million barrels per day in 2018 and 2019, respectively.

Fitch Ratings recently lowered its risk rating on Angola to “B-“, reflecting the impact of lower oil production and prices.

Angola’s Finance Minister, Vera Daves, said on last week in Luanda it was still “too soon to consider any scenario to revise the State Budget for 2020,” despite the volatility of the price of oil extracted in the country on the international markets.

The State Budget for 2020 was drawn up on the basis of the price of a barrel of oil of US$55 but recently, due to the COVID-19 outbreak, this price has been in decline, at around US$30 per barrel.