Oxford Economics said on Tuesday that oil production in Angola will stagnate at 1.173 million barrels per day this year, after having risen by 3.6% to 1.170 million barrels in 2024.
“Oil production in Angola rose slightly in November, meeting the government’s target; we expect crude production to have risen by 3.6% last year to 1.170 million barrels per day, rising slightly to 1.173 million barrels per day in 2025,” the analysts write in a commentary on production in sub-Saharan Africa’s second largest oil producer.
In the note, sent to clients and to which Lusa had access, the African department of this London-based consultancy points out that the International Energy Agency’s figures on Angola’s oil production “are in line with the government’s target of 1.180 million barrels per day for 2024”.
The data, the note continues, “shows that production has recovered to 2022 levels after extensive maintenance operations at the Dalia well in the first quarter of 2023, which caused a decline in production”.
Last year’s recovery “supported stronger economic growth in 2024, as the oil sector accounts for 25% of GDP and almost 90 % of trade, but the stagnation forecast for this year will see the economy grow by 2.7% this year, compared to the estimate of 3.7% for 2024,’ the analysts conclude.
The biggest dangers in relation to this year’s forecast are related to China, which buys more than 50% of Angola’s oil, and relate to “possible delays in national oil projects, reduced demand for Angolan oil due to the increase in sales of electric vehicles in China, and a slowdown in the construction sector”.
Lusa
