Africa-Press – Angola. Angola’s oil production quota rose from 1.450 to 1.502 million barrels per day (bpd) in July, after an agreement reached between OPEC and allies who, on Thursday, agreed to a further increase in output. ” from the producer association.
The Organization of Petroleum Exporting Countries and allies (OPEC+) decided, at the 29th meeting of ministers of the alliance, held in Vienna, Austria, to accentuate the gradual increases in production, from the current 400 thousand to 648 thousand barrels bpd, in July, with which the quota allocated to Angola is benefited.
The country’s production, at 1.1 million bpd, is below quotas imposed by participation in the organization that benefited partners to compensate for the fall in production in Russia, a country subject to sanctions, including on oil.
The compensation period will be extended until the end of December 2022, as requested by some underperforming countries, but, according to OPEC+, they will have to submit the plans by June 17 this year.
The intention is to help Russian oil-consuming countries to deal with the embargo imposed by the European Union due to the war in Ukraine.
In addition to Angola, OPEC are members of Algeria, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, United Arab Emirates and Venezuela. Ecuador, Indonesia and Qatar are former members.
The organization, based in Vienna, was founded on September 15, 1960, in Baghdad, Iraq, by five countries, namely Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
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