The published figures, based on data from secondary sources, registered an increase in production, after a drop of 37 thousand barrels per day in July, compared to the previous month.

In June, OPEC counted 1.233 million barrels per day, with this production falling in the following month, to 1.186 million barrels per day.

Angola maintained its position as the second largest African crude producer in OPEC, behind Nigeria.

Nigeria, the African leader in oil production, has seen its daily production also grow, to 1.482 million barrels, although its growth has been lighter, with around 2000 more barrels per day.

In July, the month in which it produced 1.480 million barrels per day, Nigeria had reduced its production by 12,000 barrels per day, compared to June, when it reached an average of 1.492 million barrels per day.

For practically the entire year of 2016 and until May 2017, Angola led oil production in Africa, a position it has since lost to Nigeria.

Production in Nigeria was conditioned, between 2015 and 2016, by terrorist attacks, armed groups and internal political instability.

The most recent OPEC report also states that, in terms of “direct communications” to the organization, Angola will have produced 1.266 million barrels per day in August, 9000 barrels less per day than in the previous month.

In the case of Nigeria, daily production stood at 1.361 million barrels in August, although it increased by 9000 barrels per day compared to the previous month.

Due to the consequences of the covid-19 pandemic, with the impact on the economy and the decrease in consumption, the OPEC Joint Technical Committee has been recommending cuts in oil production.

In the document released, OPEC worsened forecasts for world oil consumption in 2020 and 2021, due to uncertainty about the effect of a second wave of the pandemic on the global economy.

According to OPEC, oil consumption will fall 9.5 million barrels per day this year – equivalent to 9.5 percent – compared to 2019, 400,000 more barrels per day than just a month ago, increasing the total of daily consumption to 90.2 million barrels per day.

Last month, OPEC had already reduced its consumption forecasts by 100,000 barrels per day, so in the past two months the organization based in Vienna, capital of Austria, has worsened oil consumption forecasts by half a million barrels per day .

Oil prices fell again to levels below $ 40 after the increase in contagions by covid-19 in major economies raised doubts about a sustained recovery.

The pandemic has hit oil demand due to the global economic slowdown, with restrictions on circulation, teleworking and reduced travel causing energy consumption to drop.

Source : Ver Angola