Capacity up, supply down in Angola
Angola says it has already begun to reduce supply but how and where is unclear
Angola committed to lopping 80,000 barrels a day off its output of 1.75m b/d and already seems to have made the cut. State oil company Sonangol said in early January it had removed 78,000 b/d of supply-although it's not yet clear where or how. The supermajors are well represented in Angola and, of course, were not signatories to any supply deal (though they'd all like a higher oil price). BP produces about 310,000 b/d in Angola; Total just under 290,000 b/d; and Eni about 135,000 b/d. And Angola has had a pretty successful downturn, at least in supply terms. Eni brought output of its West Hub deep-water project to 100,000 b/d, when production started from the Mpungi field in early 2016. The
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