Angolan Minister of Mineral Resources, Petroleum and Gas H.E. Diamantino Azevedo, has stated that OPEC+ members should not accelerate phased production increases, despite growing pressure from importers.
The oil minister’s comments come after demands for OPEC+ members to increase oil supply beyond the gradual resumption plan, with a view to lowering gasoline prices and curbing inflation, as rising oil prices approach $85 per barrel.
“Many countries and suppliers are asking for more oil and are asking OPEC+ to increase oil production,” said H.E. Minister Azevedo. “In my humble opinion, the current plan to increase production by 400,000 barrels per day (bpd) is adequate and there is no need to change it.”
Angola has been a member of OPEC since 2007 and has stated its commitment to full compliance with the global agreement to reduce supply and fortify oil prices, following the historic decision to cut supply in March 2020. Producing 1.37 million bpd and an estimated 1.79 million cubic feet of natural gas before COVID-19, Angola represents a key pillar of market stability on the continent, as sub-Saharan Africa’s second-largest oil producer after Nigeria.
OPEC members including Iraq, Algeria, Kuwait and Nigeria have also rejected plans to boost oil supply more quickly than the previously established targets.
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