Consultancy firm Oxford Economics forecasts that Angola will experience a slight increase in daily oil barrel production this year, building on a 4.1% rise in 2024, which saw production reach 1.176 million barrels per day.
The firm projects a further 1% increase in 2025, bringing production to 1.187 million barrels per day, signaling continued modest growth in the medium term.
In a detailed commentary on Angola’s oil sector, Oxford Economics analysts highlighted several factors that will support this sustained growth.
Key among these are the ten new licenses expected to be issued soon in the Benguela and Kwaza basins, as well as the licensing of additional blocks starting in 2026 by the country’s sector regulator.
“Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG) plans another multi-year licensing round for oil and gas blocks beginning in 2026, which could attract up to $60 billion in new investments over the next five years,” the analysts stated.
Oxford Economics’ outlook for Angola’s oil sector is more optimistic than the forecast presented by the International Energy Agency (IEA) in January.
The IEA had predicted Angola would produce 1.11 million barrels per day in 2024, followed by further declines to 1.08 million in 2025 and 1.09 million in 2026.
In contrast, earlier forecasts from Oxford Economics had suggested stagnation in production at 1.173 million barrels per day for 2025.
Angola remains the second-largest oil producer in sub-Saharan Africa, behind Nigeria. It also made headlines in early 2024 by exiting the Organization of the Petroleum Exporting Countries (OPEC) following disagreements over the group’s production quotas.
