Africa-Press – Angola. The Republic of Angola is preparing to change, in 2024, its production quota in the Organization of Petroleum Exporting Countries (OPEC), which is expected to be more realistic.
According to the Governor of Angola at OPEC, Estêvão Pedro, we are thinking of more than 1,200,000 barrels/day of oil, highlighting that “we think that with this quota we will be able to produce the real amount of what we can”.
Currently, Angola’s authorized quota is 1,455,000 barrels of oil, with only 1.1 million barrels/day being met, below the established limit.
Estêvão Pedro said there is already a quota perspective for 2024, adding that the next OPEC meeting, to take place at the end of November 2023, will consolidate the data.
“We will try to present data that is not very theoretical, but rather that which we have the capacity to produce”, stated on the sidelines of the International Conference on “Oil and Gas”, which ends 14th of September.
The increase in quota, he added, will be taking into account the current trend in market fundamentals, as well as the country’s own production capacity, without, however, providing further details.
“If we have the capacity to produce more, and we present our practical justification to the entities at the OPEC conference, we will be able to increase the quota even more”, he noted.
Angola’s performance
Regarding Angola’s mandate in OPEC, in 2021, he said that the efforts were “extreme”, a period in which the country managed to support the review of the organization’s long-term strategy, the draft budget and the respective annual plan for 2023.
“In 2021, under the OPEC presidency, we managed to keep price levels at a high level”, he considered.
Referring to the organization, Estevão Pedro considers it to be a suitable organization, justifying its achievements, the results of which he says are visible, looking at the price of crude oil on the market, which in addition to producers also benefits consumers.
Angola was elected, in November 2020, to the rotating presidency of the conference of ministers of the Organization of Petroleum Exporting Countries (OPEC) in 2021, replacing Algeria.
In 2006, in Abuja, Nigeria, Angola was admitted as a full member of the oil group during the institution’s 143rd extraordinary conference.
OPEC has existed since September 15, 1960 and includes countries such as Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, United Arab Emirates and Venezuela.
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