An offshore oil rig in Angola’s waters during evening hours, highlighting the country’s oil industry.
Angola’s oil production has slipped below one million barrels per day for the first time since exiting OPEC, raising fresh concerns for Africa’s second-largest crude exporter. Official data show that output has fallen to 998,757 barrels per day in August, short of the government’s 1.07 million-barrel target, with prices also projected to dip below the $70-per-barrel benchmark underpinning the 2025 budget. Consequently, officials are exploring possible IMF support, though no formal request has been made. Despite new investments by Chevron, Equinor, and a $6 billion TotalEnergies project, Oil Minister Diamantino Azevedo admits falling production remains the country’s biggest challenge. Meanwhile, Angola is working to reduce its sizable oil-backed debt to China, aiming to strengthen its fiscal position against a turbulent global economic backdrop.
Business Insider Africa