Oil production slightly lower

OIP PRODUCTION for Angola, Africa’s No 2 crude producer, averaged 1.632 million barrels per day (bpd) in 2017, down from 1.72 million bpd the previous year, the chairperson of state-run oil company Sonangol, Carlos Saturnino, said yesterday. Angola has been grappling with the effects of generally depressed oil prices on its government finances, but is constrained from lifting production because it is committed to Opec-mandated cuts. Angola is a member of Opec, and it must limit output in line with Opec’s commitment to cut output by about 1.2 million bpd. Saturnino also said that the net profit for Sonangol, which regulates Angola’s oil sector, was $224 million (R2.6 billion) in 2017 versus $81m the previous year when oil prices were lower. – Reuters