Africa-Press – Angola. The volume of oil production in Angola, in October, fell 0.5 percent, to 32.591 million barrels (MMBBLS), compared to the previous month, according to the company PetroAngola.
According to the report published by the national consultancy for oil, gas and renewable energies, the daily average in October was 1.051 MBPD (million barrels per day), representing a decline of 0.5 percent, compared to the month of September, which was 32,741 MMBBLS.
Last month, the prices of a barrel of oil recorded a significant increase in international markets.
Angolan branches
Brent, the benchmark for Angolan raw materials, was positioned at an average of USD 92.96 per barrel (BBL), a reduction of USD 3.01 compared to September.
This price appreciation, indicates the report by the Angolan company, was recorded after the OPEC+ coalition decided to reduce production by 2 MBPD, fearing a potential downturn in global economic activity while seeking to keep crude prices high.
This production cut represents the group’s biggest since 2020, when Covid-19 lockdowns destroyed demand.
The survey also shows that Block 17, with an average of 346.936 thousand barrels per day (KBPD), was positioned as the largest producer in the period under analysis, followed by Blocks 0 and 32, with an average production of 147.1 and 136 .6 KBPD.
Gas production
The total production of associated gas, in the month in reference, stood at 69.140 million cubic meters (MMSCF) in October, amounting to an average of 2.230 MMSCFD (million cubic days), representing a drop of 10 percent in compared to the previous month.
Of the volume of gas produced, 44 percent was injected, 26 percent used in gas lift operations, 19 percent was exported to the ALNG plant, 8 percent was used to generate energy at oil installations and the remainder (3 percent cent), for burning and remnants.
Price influence
The release of strategic oil reserves in the United States, scheduled to end in October, were postponed to November, in an attempt to minimize the impacts of OPEC+ production cuts on oil prices.
Another factor weighing on oil prices is the persistent fear of recession that still dominates market sentiment, so much so that economic projections for this year point to a cooling off in the main economies. Central banks continue to take a tough approach in fighting the escalating rate of inflation, in addition to the negative effects of the appreciation of the US dollar on energy prices and consumers who hold other foreign currencies.
Brent opens higher at $88.88
Brent contracts (a benchmark for Angolan exports), for delivery in January, opened higher yesterday, Tuesday, on the international market, positioning at USD 88.88 per barrel at the time of writing, rising 1.64 per barrel cent.
Yesterday, crude oil traded up 1.59 percent to $81.31 a barrel, having previously fallen to $75.89 (its lowest since early January).
According to analysts, crude oil prices rebounded after Saudi Arabia and Kuwait denied a Wall Street Journal report that the desert kingdom is looking to urge OPEC to increase production at its next meeting.
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