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.
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.