At least 1.2 million barrels of oil will no longer be produced by OPEC and non-OPEC member countries starting on 1 January in a joint effort that has been made since 2016 to balance crude oil prices on the international market.
The decision for this second cut in production, which is set at 3.02% for each member state, was adopted at the 175th OPEC conference held on 6-7 December 2018 in Vienna, Austria, as a result of prices falling to lows of US$50 in November and December, after reaching US$85 per barrel in October.
Angola, with a reference production of 1.528 million barrels per day, may cut 47,000 barrels a day, as opposed to the 29,000 barrels previously forecast, which will mean lowering production to 1.481 million barrels per day.
Sonangol president Carlos Saturnino said in Luanda in December 2018 on a visit to Luanda by OPEC Secretary-General Mohammad Barkindo that a desirable oil price in 2019 would be between US$60 and US$70 per barrel. Saturnino noted that no oil company would have losses if the price were US$61 per barrel.
Source: Hellenic Shipping News