Angola’s oil production reached an average of 1.134 million barrels per day in the first three quarters of 2024, marking a 4% increase from the same period in 2023, according to the National Petroleum, Gas, and Biofuels Agency (ANPG). This growth comes just one year after Angola’s exit from the Organization of the Petroleum Exporting Countries (OPEC) in December 2023, following dissatisfaction with the country’s production cap of 1.11 million barrels per day.
Data from ANPG indicates that monthly production consistently exceeded the OPEC-imposed quota throughout most of 2024, except for April when output fell below the threshold. The figures for October were not disclosed, but the overall trend points to Angola’s success in boosting production beyond the restrictive limits set by OPEC.
Several factors have contributed to the rise in production, including government stabilization measures, the commissioning of new oil wells, and improvements to existing concessions. However, Angola’s current production remains far below its 2015 peak of 1.8 million barrels per day, underscoring the challenges the country continues to face in revitalizing its oil sector.
Diamantino Pedro Azevedo, Angola’s Minister of Mineral Resources, Oil, and Gas, has reaffirmed the government’s commitment to maintaining production levels above 1 million barrels per day in 2025. This target is part of a broader strategy to combat the sector’s decline and ensure long-term stability for both domestic and international oil markets.
A local petroleum industry representative noted that the modest growth in 2024 is the result of several years of cumulative efforts to enhance output, though the aging of oil wells remains a significant challenge. The full recovery of Angola’s oil industry is expected to take years, but new wells hold promise for continued growth and stabilization.
Despite the hurdles, Angola remains the second-largest oil exporter in sub-Saharan Africa, behind Nigeria, solidifying its key role in the global oil market.