Decline of oil production in Angola, currently standing at around 115,000 barrels/day, is causing daily losses of USD 6 million, the CEO of PetroAngola Patrício Quingongo said on Wednesday.
Speaking at the International Conference on Oil, Gas and Renewable Energies, taking place in Luanda, the manager said that Angola supply in the global market represents merely 1 percent resulting from the current production levels of a daily average of 1, 1 million barrels.
Patrício Quingongo put the exports and production differential at 3%, adding that Angola exports almost everything it produces.
He estimated an export, up to this month, of 103,000 barrels of oil/day and a decline in exports of 7% .
As for the prices, calculations compiled by the specialist point out the Brent, as a reference for Angolan branches, with an average, to date, of USD 67.3.
The difference between Brent and Angolan crude for export is around four cents of dollars, while between the average price of Brent and WTI (American oil), the difference is of three dollars.
As for the global supply of oil, OPEC represents 28% of what has been universal availability, as there is a cut in 7.2 million barrels/day, implemented in the market since 2020.
Even so, there was a recovery of the global economy, going from 92%, in 2020, to 95.7% of offer in the market today.
He said this year the gross revenues of the oil industry have been estimated at USD 27 billion.
PetroAngola chief added that besides Covid-19, other factors have also influenced the sector, such as cuts by the Organisation of the Petroleum Exporting Countries (OPEC), oil demand, and the global economic recovery.