Angola Crude Oil Production Dips Below 1 Million Barrels per Day in July, Raising Revenue Concerns
Angola’s crude oil production fell below 1 million barrels per day in July, reaching its lowest level since March 2023.
According to the National Agency for Petroleum and Gas (ANPG), output dropped to 998,757 barrels per day, missing the government’s projection of 1.07 million barrels.
The decline poses a risk to Angola’s revenue targets, especially as oil prices trade below the $70-per-barrel benchmark set in the 2025 budget.
The southwest African nation, which left OPEC in 2023 following disputes over quotas, has been striving to maintain production above the million-barrel threshold, Bloomberg reported.
Angolan officials are exploring potential financial support from the International Monetary Fund (IMF), though no formal request has yet been made, the Washington-based lender said.
To counter declining output, Angola has sought new investments in its oil sector. Equinor ASA and Chevron Corp. have recently expanded operations, while TotalEnergies SE approved a $6 billion project last year.
Nonetheless, Oil Minister Diamantino Pedro Azevedo has described stabilizing production as the government’s “biggest challenge.”
Simultaneously, Angola is working to reduce its dependence on resource-backed loans amid a global environment of volatile commodity prices, high interest rates, and fragile investor confidence.
Oil-backed debt to China fell from $10.15 billion at the end of 2024 to $8.94 billion by July, with projections suggesting it could decline further to between $7.5 billion and $8 billion by year-end.
Crude exports are also expected to decrease, with preliminary schedules indicating shipments will drop to 994,000 barrels per day in October from 1.09 million barrels per day in September, according to ANPG.
