Angola’s average monthly crude output climbed back above a million barrels a day in August, recovering from dropping below that level for the first time in more than two years.
Oil output rose to 1.03 million barrels a day in August from 998,757 barrels the previous month, according to figures from the National Agency for Petroleum, Gas and Biofuels. The government has set maintaining production at about a million barrels a day as its key target since leaving the Organization of the Petroleum Exporting Countries in 2023.
Angola plans to open its next oil-licensing round by the fourth quarter, as part of an effort to maintain output levels. It will be the last sale of blocks under a multi-year strategy initiated in 2019 that aimed to award 50 concessions.
The production rebound last month may not immediately ease fiscal pressures, with oil trading below the $70 benchmark used in the 2025 budget of sub-Saharan Africa’s third-biggest producer.
The International Monetary Fund warned in a Sept. 5 assessment that Angola’s deficit may widen to 2.8% of GDP this year, urging tighter spending and less reliance on costly borrowing.
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