Consultancy firm Oxford Economics estimates that Angola’s oil production will rise by 3% this year, reaching 1.16 million barrels per day, following a 7.5% increase in the first half of the year due to maintenance work completed last year.
“Thanks to extensive maintenance operations in the first quarter of 2023, cumulative oil production in the first half of this year is 7.5% higher than in the same period last year,” analysts noted in a report cited by Lusa, forecasting a 3% increase in production for the year.
“We currently expect oil production to rise by 3%, reaching 1.16 million barrels per day in 2024, compared to the 1.13 million barrels produced daily last year,” wrote analysts from Oxford Economics’ African department.
The note to clients also mentioned that “although Angola is no longer constrained by the Organization of Petroleum Exporting Countries (OPEC) targets, there may still be production losses due to ongoing maintenance and the depletion of older wells.”
