Angola’s Oil Production Set to Rise by 3% in 2024
Angola’s oil production is projected to increase by 3% this year, reaching 1.16 million barrels per day, according to a report by consultancy firm Oxford Economics.
This follows a significant 7.5% boost in production during the first half of the year, attributed to comprehensive maintenance work completed in 2023.
“Thanks to extensive maintenance operations in the first quarter of 2023, cumulative oil production in the first half of this year is 7.5% higher than in the same period last year,” analysts noted in a report cited by Lusa.
Oxford Economics’ African department analysts predict that Angola’s oil production will continue to rise, with an expected daily output of 1.16 million barrels in 2024, compared to the 1.13 million barrels produced daily last year.
The report also highlighted potential challenges, stating, “Although Angola is no longer constrained by the Organization of Petroleum Exporting Countries (OPEC) targets, there may still be production losses due to ongoing maintenance and the depletion of older wells.”
Angola’s oil industry has been a key driver of its economy, and the anticipated rise in production is expected to bolster economic growth.
The country’s commitment to maintaining and upgrading its oil infrastructure has played a crucial role in achieving these positive projections.
Source: Angolan Mining
