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Thu, 05 Dec 2019 11:50 - Updated Thu, 05 Dec 2019 11:50

Angola plans to increase oil output in 2020

Luanda - Angola plans to increase oil production in 2020 by increasing from 1.390,000 barrels of oil per day to 1.436,000, the minister of Mineral Resources and Petroleum, Diamantino Azevedo, said on Wednesday.

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An oil platform

Photo: Angop

The official disclosed the information to ANGOP ahead of the 177th meeting of Ministers of the Organisation of Petroleum Exporting Countries (OPEC) held on Wednesday.

The minister also explained that to maintain prices at levels that satisfy producers and consumers is possible under efforts undertaken by the members and non members of the OPEC.

Diamantino Azevedo underscored that Angola defends the maintenance and continuity of the cuts decided in 2018, which sets a production quota estimated at 1.481,000 barrels of oil per day.

In addition, the minister said that continued cuts in oil output would benefit the Angolan economy and others, taking into account that the cuts would prompt price hike in crude oil and provide more revenues for the country.

As regards the relationship between Angola and the OPEC General Secretariat, the Angolan official stressed that as a full member of this institution the country has always had excellent relations and has never recorded any conflict with this international organisation.

As evidence of good relations, he added, in January this year the Secretary General of the OPEC led a delegation that made an official visit to the Republic of Angola.

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