Angola is, for the month of October, with a quota of 1.52 million barrels/day, the sixth largest of a total of 10 member countries and the ninth if considering the targets set for a group of 20 OPEC producers and not -Opec, a group called OPEC+, which is led by Russia and Saudi Arabia.
According to yesterday’s announcement by the Organization of Petroleum Exporting Countries (OPEC), in view of the current fundamentals of the oil market and the consensus on the current perspectives, OPEC and the non-OPEC oil producing countries decided to reaffirm the decision of the 10th ministerial meeting of 12 April 2020, and subsequently endorsed at subsequent meetings, including the 19th OPEC and non-OPEC ministerial meeting of 18 July 2021. It was also a decision of the OPEC+ group meeting to revert to the production level of August 2022 for the participating OPEC and non-OPEC countries for the month of October.
The group recalls that the above adjustment of 0.1 mb/d in the production level was intended only for the month of September. Accordingly, they request the group chair to consider convening an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, if necessary.
