Angola cuts output target

Jun 17, 2009 02:00 AM

OPEC president Angola cut its 2009 oil output target to 1.79 mm bpd from 2 mm bpd in the country's revised budget, signalling it intends to continue to pump above its OPEC quota.
Angola has so far failed to comply with the output target set by the Organization of the Petroleum Exporting Countries (OPEC). It claims to have a quota of 1.656 mm bpd but an OPEC internal document suggests Angola's quota is 1.52 mm bpd.

The African nation, which rivals Nigeria as the continent's biggest oil producer, is set to export at least 1.67 mm bpd in August, while shipments of 1.86 mm bpd are scheduled for July, according to trade sources.
Details of the budget published on the Finance Ministry's website (http://www.minfin.gv.ao/press/news_176.htm) indicate Angola will pump 653.4 mm barrels of oil this year, or 1.79 mm bpd, down from 739.7 mm in the initial budget. The revised budget was approved by the government and is expected to be voted in parliament, where the ruling MPLA party holds a two-thirds majority.

A source close to Angola's oil minister said the production target in the budget was "only a forecast," adding that OPEC would meet again before the end of the year. Angola has openly said it wants to increase its OPEC quota in order to rebuild infrastructure destroyed by a 27-year civil war that ended in 2002. Oil minister Jose Botelho de Vasconcelos was cited on May 28 as saying he hoped OPEC would allow Angola to break away from its output target, but admitted this would be an "ambitious and difficult challenge."
Angolan officials said they did not discuss a higher quota during an OPEC meeting that took place in May.

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