When returns are compared to other oil provinces, “Nigeria doesn’t stack up, nor does Angola.”Angola’s oil production figures tell a bleak picture, especially for a economy that’s heavily dependent on petroleum exports. Crude output has held at a 15-year low of just below 1.2 million barrels a day since November, according to data compiled by Bloomberg. Even Libya, where the oil industry has been crippled by a decade-long civil war, pumped more crude than Angola in December. As Brent crude fell from above $100 a barrel to less than $30 within a couple of years, international oil companies slashed spending around the world. Deep production cuts by the Organization of Petroleum Exporting Countries and its allies eventually spurred a rebound in prices, but offshore drilling in West Africa recovered far more slowly.

Source: Libya Today February 28, 2021 09:22 UTC