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Angola Trims May Crude Exports to Boost OPEC Compliance

Source: Reuters 3/27/2017, Location: Africa

Angola's state-run Sonangol has taken two cargoes out of its planned May exports in a move to boost its compliance with an OPEC deal to curb production, an oil trader familiar with Angolan loading plans said.

A revised loading programme showed the country's exports were now set at 1.61 million barrels per day (bpd) from 52 cargoes, down from 1.67 million bpd from 54 cargoes initially. The source said the two cargo loadings removed and pushed into June were an end-month Dalia that was with Sonangol and a Cabinda that was set to load with ENI.

Under the deal with the Organization of the Petroleum Exporting Countries (OPEC) and other nations, Angola agreed to cut 78,000 bpd from a reference production level of 1.751 million bpd.

So far this year, Angola's production and exports have been well below the target but several fields are coming into production or ramping up, including Chevron's Mafumeira Sul and Eni's West Hub and East Hub projects.

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