Angola wants to maintain oil production over the next year, says minister

Angola's oil and minerals minister stated on Thursday that it aims to maintain its oil production?steady in the coming year. He added that the higher prices of its crude exports due to the Iran war are helping to offset the increased costs of imported fuels.

According to the International Energy Agency, in 2024, Africa left OPEC over a disagreement regarding output quotas. However, since then, production has dropped from 1,16 million barrels of oil per day in 2024, to?1,070,000 bpd by 2025.

Diamantino zevedo, Minister of Mineral Resources, Petroleum and Gas, said to reporters at the Angola -Oil, Gas & Mining Investment Conference in London, "Our main objective is to maintain production of 1 million barrels over the next year."

Many other African countries are heavily reliant upon imported petroleum products. Price surges have forced governments to take emergency measures in order to minimize the impact of price increases on consumers. Airlines have implemented temporary fuel surcharges, and farmers have had difficulty obtaining diesel before planting season.

The minister stated that Angola has increased its oil refinery capacity, which will allow it to become more self-sufficient in fuels and export them. Kpler data indicates that in April, Angola imported 88,000 bpd worth of refined products. Half of this was gasoline.

Minister?said that the Cabinda refinery will have a capacity of 30,000 bpd, and that another 30,000 would be added at the plant later.

He said that the construction of the Lobito Refinery, which is being developed by the state oil company Sonangol and will be the largest refinery in the country at 200,000 barrels per day, was 'about half completed. It should be finished by the year 2029. Seher Dareen reported from London. Wendell Roelf contributed additional reporting. Alex Lawler, Mark Potter and Mark Potter edited the article.

(source: Reuters)