Angola reports on oil production

Jun 29, 2010 02:00 AM

Angola produced 1.88 mm barrels of oil per day in May, 19,000 barrels less than in April, indicates the June Monthly Oil Market Report from the Organisation of Petroleum Exporting Countries (OPEC).
Angola was the eighth biggest producer among the 12 OPEC member countries, producing more than Libya, Algeria, Qatar and Ecuador, and slightly behind Nigeria (1.996 mm bpd in May).

Analysis of recent Angolan oil production shows that it reached 1.871 mm bpd in 2008, when the barrel price broke all records. It then fell to 1.786 mm bpd in 2009, before rising to 1.916 mm bpd last March.
In May, total OPEC production (including Iraq, a member country not subject to quotas) was 29.262 mm bpd (26.830 excluding Iraq), for a slight increase over the previous year. When oil prices hit their highest mark ever in 2008, the organisation's production reached 31.205 mm bpd (excluding Iraqi production).

In the first four months of 2010 Chinese imports of Angolan oil averaged 903,000 bpd, more than doublethe figure recorded in the same period of 2009. Angola overtook Saudi Arabia as China's main supplier in three of those four months.
The OPEC report indicates that China's interest in Angolan oil is due to the fact that it provides more attractive margins for the Chinese refineries that process it.

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