Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Angola resists OPEC pressure to comply fully with oil cuts- sources

Published 02/07/2020, 11:57
Updated 02/07/2020, 12:00
© Reuters.

By Rania El Gamal and Dmitry Zhdannikov
DUBAI/LONDON, July 2 (Reuters) - Angola is resisting
pressure by OPEC's de-facto leader Saudi Arabia for a steeper
oil output cut to comply fully with record supply curbs, OPEC
and industry sources said.
The Organization of the Petroleum Exporting Countries and
allies, known as OPEC+, have been cutting oil output since May
by a record 9.7 million barrels per day after the coronavirus
crisis destroyed a third of global demand.
After July, the cuts are due to taper to 7.7 million bpd
until December.
Saudi Arabia has been pressing laggards such as Iraq,
Kazakhstan, Nigeria and Angola to improve compliance with the
cuts and compensate for May overproduction in July-September.

"Angola is saying they would not compensate for its
overproduction in July-September like the rest of the countries
but would be able to compensate only in October-December," said
one OPEC source. "We are still trying to convince them."
Angola's Ministry of Mineral Resources and Petroleum and
state oil company Sonangol did not respond to a Reuters request
for comment.
In May, Angola pumped 1.28 million bpd, according to OPEC
data, or 100,000 bpd more than its target.
It trimmed production to 1.24 million bpd in June, based on
a Reuters survey, 60,000 bpd above its target. OPEC/O
"Angola argues they did cut quickly despite the pain and
difficulty it put them in with regard to long-term supply
contracts," said one source familiar with Angolan oil plans.
The source said Sonangol will in August supply full volumes
to buyers such as India's refiner MRPL and Indian Oil Corp.
(IOC) as well as to Unipec, the trading arm of Chinese refiner
Sinopec, and China's state-owned Sinochem.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.