Angola, Africa’s second-largest oil exporter after Nigeria, has seen crude output dip under one million barrels per day for the first time since leaving the Organization of the Petroleum Exporting Countries (OPEC). Data from Bloomberg cited by World Oil showed July production at 998,757 barrels per day, underscoring the scale of the decline.
The fall comes as Angola’s 2025 budget relies heavily on oil revenues with benchmark prices above $70 a barrel. Reports from World Oil highlighted that the government may weigh seeking financial support from the International Monetary Fund if fiscal pressures persist, though no formal request has yet been made.
Oil majors operating in the country, including TotalEnergies and Azule, have introduced projects such as the 120,000 bpd Agogo FPSO and a 60,000 bpd expansion, offering temporary relief. However, industry analysts stress in Reuters coverage that long-term recovery remains uncertain given underinvestment and aging infrastructure.
The National Petroleum and Gas Agency projects a modest rebound to just above one million barrels per day by 2027, though output is expected to decline sharply beyond 2030. As Baird Maritime reports, the downturn is driving Angola to fast-track its pivot toward natural gas, including new developments like the Gajajeira-01 discovery.
