Angola is expected to set oil production at one million and 267 thousand barrels per day in 2021, reducing 261,000 barrels per day, indicates an OPEC adjustment table attached to the decisions of the meeting held on 3 December in Vienna, Austria.
This table shows that the 261,000 b/d reduction is to be applied to a country reference production calculated at 1,528,000 barrels per day. If the country’s production grows, it cannot exceed this maximum (1.528mb/d), as well as the cuts (261mb/d).
With the cuts planned for 2021, world oil production is expected to reach 36.653 million barrels per day, with a reduction of 7.200 million barrels per day.
Without cuts, world production for the coming year is estimated at 43.853 mb/d.
OPEC and its non-OPEC partners expect global oil demand to contract by 9.8 million barrels per day (mb/d) in 2020 before recovering by 5.9 mb/d in 2021.
To ensure implementation of the 3 December conference deliberations, OPEC and non-OPEC agreed to hold monthly meetings starting in January 2021 to assess market conditions and decide on further production adjustments.