Angola Aims to Keep Oil Production at 1.1mn bpd Until at Least 2027

Angola is producing around 1.1mn bpd of crude at present – similar to its levels before leaving the OPEC alliance.

• "Our aim is at least to keep this level of production until 2027-2030," according to José Barroso, Angola's secretary of state for oil and gas.
• The country’s crude production has been in steady decline since 2008 when it peaked at 2mn bpd.
• Angola’s field rate of decline is 15% per year meaning the country has to bring on further reserves to maintain the pace of production.
• "If you set a production level below our actual potential, it could jeopardize current investment and eventually future investment. That's why we decided to leave OPEC," Barroso said.
• "We never closed the door, we keep on talking as we may have common interests in some areas and we are still discussing, talking to the people," said Barroso.
• Angola is aiming for production between $85-90/bbl.