Angola is resisting pressure by OPEC 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 led by Russia, 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, which chairs a panel that monitors adherence with the oil cuts, has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions 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.”
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.
