Angola is unlikely to produce 2m b/d in 2016, said the office of economic and financial studies of the Portuguese bank BPI, adding that this is “an overly optimistic goal,” MacauHub reported.

“The Angolan authorities remain hopeful in achieving an increase in average daily production to 2 million barrels per day by 2016, but this scenario could prove overly optimistic,” according to the September analysis of the Angolan economy.

Angola’s oil-dependent economy, with crude accounting for almost all of its exports -95%- and more than two-thirds of government revendes “Angola managed to slightly increase average daily production, which should help partly offset the fall in revenues,” analysts said; but noted that prices will remain low, undermining the country’s public finances.

“Oil production in the first quarter of 2015 rose to 1.76m b/d and in the following quarter to 1.77m,” according to oil ministry figures cited in the report.