Luanda – The Ministry of Mineral Resources, Oil and Gas (MIREMPET), declared this Wednesday that Angola will continue to contribute to the effort of OPEP+, in order to ensure fair revenue collection for the producer countries and the continued supply of crude oil to the consumers.
This position of the Republic of Angola which was manifested today (Wednesday), through a press release that ANGOP has had access to, expresses its alignment with the decisions of the organization and it is framed in the OPEP+ Declaration of Cooperation signed on 10 December 2016, by a total of 23 countries.
The 2016 Declaration of Cooperation was a historic milestone in the life of the Global Oil Industry and has allowed the signatories to take decisions to accommodate oil producing and consuming countries.
In the scope of these declarations, the OPEC Member Countries and Non-OPEC Crude Oil Producers (OPEC+), who met on 5 October 2022, decided to reduce the production by two million barrels per day imposed by the current conditions of the market characterized by the downward trend in prices.
The cut was announced on Wednesday, 12 October, and is the fourth time by OPEC since April.
According to the statement made today by the MIREMPET, the current reduction in oil production has had a positive impact on the market as it has reversed the decline in prices.
“It is with this purpose that OPEC+ has scheduled regular meetings to assess the market conditions and unanimously to take the important deliberations for the sustainability of the oil industry”, says the document.
On the other hand, it stresses the importance, in a period of various uncertainties, of the OPEC+ actions, as they aim to contribute to market stability by adjusting supply and demand.
During the existence of the Declaration of Cooperation, the mechanism that has been used by OPEC+ is the increase or reduction of crude oil production, with a view to mitigating the imbalances between these two factors.
Currently Angola produces a little bellow 1.1 million barrels of oil daily and it is the 16th world oil producer. Its previous production was around 1.179 million.
Angola´s OPEC production quota moved to just over 1.5 billion barrels of oil daily since September after the supply of over 100 million barrels per day by the Cartel.
The agreement to increase oil production by 100 million barrels per day, since September was taken in the 31st Ministerial Meeting of OPEC and allies (OPEC+) held in August in Vienna, Austria.
Data indicates that daily, the world produces an estimated 88.391 billion barrels of oil, which corresponds to 4.16 billion tonnes in one year. Out of all world production, 31.3% comes from the Middle East region.
