Angola, an oil-producing rival to Nigeria, is set to achieve its highest oil revenue in four years after leaving the Organization of the Petroleum Exporting Countries (OPEC).
According to shipment data for August, the Central African country plans to sell 1.23 million barrels of oil daily.
Before this, OPEC had attempted to set a production limit of 1.1 million barrels per day, prompting Angola’s decision to exit the group.
According to Bloomberg reports, the country aims to increase its production to 1.1 million barrels daily. With an oil price of $86.37 per barrel, Angola stands to earn over $95 million daily.
Angola decided to quit OPEC in December because the production threshold â set by the group after an external review of the nation’s capacity â was to be 400,000 barrels a day lower than a prior limit. That would have entrenched output restrictions and made it harder to go higher.
Robert Besseling, CEO of advisory firm Pangea-Risk, said:
The Angola government is now offering incentives to oil companies in the country to increase production.
According to data from the Nigerian Upstream Regulatory Commission (NUPRC), Nigeriaâs crude oil production as of April 2024 stands at 1.28 million barrels per day.
This is, however, lower than OPEC’s allowable production quota of 1.5 million barrels per day, which could have fetched the country at least $129.55 million daily.
TimesNow.com.ng previously reported that the Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd), a subsidiary of NNPC and Natural Limited Oilfield Services Limited (NOSL), announced the successful commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom state.
The NNPC announced this in a statement signed by its chief corporate communications officer, Olufemi Soneye, on Sunday, May 12, 2024.
It said the production, which began on May 6, 2024, with about 6,000 barrels of oil, is expected to be ramped up to 40,000 barrels daily by May 27, 2024.
Source: TimesNow.com.ng
