Angola is to set its oil production at one million and two hundred and sixty-seven thousand (1,267,000) barrels per day in 2021, a reduction of two hundred and sixty-one thousand (261,000) barrels per day.
The reduction shows an OPEC adjustment table attached to the decisions of the meeting held on 3rd December in Vienna, Austria.
There is a table shows that the 261,000 b/d reduction is to be applied to a country reference production calculated at 1,528,000 barrels per day. If the country’s production grows, it cannot exceed this maximum (1.528mb/d), as well as the cuts (261mb/d).
With the cuts planned for 2021, world oil production is expected to reach 36.653 million barrels per day, with a reduction of 7.200 million barrels per day. Without cuts, world production for the coming year is estimated at 43.853 mb/d.
OPEC and its non-OPEC partners (allies/+) expect global oil demand to contract by 9.8 million barrels per day (mb/d) in 2020 before recovering by 5.9 mb/d in 2021.
To ensure the implementation of the 3rd December conference deliberations, OPEC and non-OPEC members agreed to hold monthly meetings starting in January 2021 to assess market conditions and decide on further production adjustments.
