In line with its plan to support the Organization of Petroleum Exporting Countries’ (OPEC) move to limit production, Angola’s state-run Sonangol has reduced its May exports by taking two cargoes out of circulation, an oil trader informed Reuters.
Accordingly, Angola will export 1.61mb/d from 52 cargoes, down from 1.67mb/d from the original 54, Petroleum Africa reported.
Sources noted to Reuters that two cargoes that were supposed to load in May were postponed to June. The takers are an end-month Dalia, that was with Sonangol, and a Cabinda, that was meant to load with Eni.
Angola, along with the OPEC member and other nations, agreed on a deal to cut 78,000b/d from the African nation’s prior production level of 1.751mb/d.
In 2017, Angola’s output and exports have been below the targeted limit. However, several fields are currently starting production, including Chevron’s Mafumeira Sul and Eni’s West and East Hub projects.