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Title : Angola -- Oh, Oh -- April 30, 2018
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Angola -- Oh, Oh -- April 30, 2018

I have never paid attention to Angola. When I saw this story, I did not think it would amount to much, but then I checked the EIA import data.

From Bloomberg: OPEC cuts may go deeper as another member sees output slump. In addition to Venezuela, now it's Angola.

Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate -- a shipping program seen by Bloomberg News shows crude exports will fall in June to the lowest since at least 2008 -- the cartel risks tightening supply too much.

“Angola has a serious problem, with its decline rates becoming increasingly visible,” said Richard Mallinson, an analyst at consultants Energy Aspects Ltd. in London. “The low figure in June doesn’t look like a pattern of maintenance but points to steeper, structural declines.”

Look at the EIA data. Since 1993 there have only been two times in which monthly imports dropped below the one-million-mark and even at that, one million bbls/month is incredibly low.

That's import data.

Here's the total production data from tradingeconomics:

https://ift.tt/2dZyQXu

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