Angola is resisting Saudi OPEC pressure to comply fully with oil cuts

Daniel Fowler
July 3, 2020

But compliance to the production quotas are still just 87%, thanks to laggards such as Nigeria and Iraq, who have promised to make up for any overages after the rest of OPEC has completed their production cuts at the end of July.

Planned exports of Basra Light and Heavy crude oil will be around 1.53 million barrels per day (bpd) in July, down from the 3.1 million bpd originally planned in June. That compares with 6.2 million a day in May.

OPEC members cut their production by 1.93 million bl/day from the previous month to 22.69 million bl/day in June, the least since May 1991, Bloomberg said in its monthly survey Wednesday.

Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.

It appears that the oil exports to the world's biggest economies, China, the U.S. etc. have especially been curbed.

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Tankers hauling a combined 17 million barrels of oil from the kingdom this month haven't yet indicated their ultimate port of call. Flows of Saudi Arabian oil to China, which is usually the largest purchaser, were down by 45 percent on a monthly basis in June. Any vessel leaving for America now would arrive in the first half of August.

Oil production is declining to meet this year's drop in demand. Riyadh's crude exports to India soared to more than a million barrels a day in April, when prices were at historic lows.

A similar increment in shipments is expected for this month, although Saudi Arabian oil inflows would not be as the one analysed in mid-June.

No doubt, Saudi holds a major part of world's market but Russian Federation is right there too, producing an average of 11.49 million bpd.

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