Luanda - The chairman of the Board of Directors of Sonangol, Sebastião Martins, promised on Wednesday in Luanda that the Angolan company would meet its oil production target, despite the fall in prices on the international market.

Speaking to the press at the end of the visit of the President of Tanzania, Samia Suluhu Hassan, to the Luanda Refinery, the manager said that the current production is within standards.

According to the CEO of this oil company, Sonangol maintains a production equivalent to 200,000 barrels of oil per day.

He said that with the various projects underway and others in which the company is involved, there will not be many difficulties in honoring production commitments.

As for Angola's production as a whole, he said it was around one million barrels or above, noting that Sonangol is an integral part of this global production.

'The instability in the price of oil in the international market is a bit related to the situation of tariffs, imposed by the United States of America and other states, and this causes prices to be reduced', he said.

Sebastião Martins considered that the country must live with this reality and seek to control costs, production and, depending on the productive capacity, compensate for these drops that the market sometimes brings.

Sonangol's production, he said, is used for revenues that serve the different activities in which the company is involved, in domestic supply and the rest of the oil and products are exported.

On the other hand, he defended the strengthening of partnerships between Angola and Tanzania in the field of exports and the different activities in which Sonangol is involved.

He stressed that it is in a value chain that competes not only in the exploration and production of oil and gas, but also in the issue of renewable energies and critical minerals.

The barrel of Brent oil, which serves as a reference for Angola's exports, opened trading on the stock exchange at US$61.22 on the international market, a depreciation of 3.37% compared to the opening on Tuesday (08).

The Angolan General State Budget (OGE) for the 2025 financial year was prepared based on a price of US$70/barrel and an estimated production of one million and 98 thousand barrels of oil per day. ASS/VC/DOJ