The African continent’s second-largest producer of oil is unlikely to reach next year’s projected generation of 2 million barrels of the energy commodity due to new projects implemented too late, according to Bloomberg.
Commodity consultancy Wood Mackenzie Ltd. said Angola, which trails only Libya for production of crude oil, will be unable to compensate for the reduced amount of flow. But the nation will continue driving toward that production objective, which was pushed to 2017. In April, Angola generated roughly 1.54 million barrels of oil per day, according to data provided by the Organization of the Petroleum Exporting Countries.
“I don’t think 2 million barrels a day by next year is realistic,” states a Wednesday email authored by analyst David Thomson with Wood Mackenzie in Edinburgh, according to Bloomberg. “I am confident it will happen, but toward the end of the decade.”
At 9:09 a.m. on Wednesday, West Texas Intermediate crude oil futures rose 0.89 percent, an 89-cent increase to $100.39 per barrel. At 9:10 a.m., Brent crude oil futures edged up 0.42 percent, a 45-cent lift to $107.51 per barrel.
Reuters reports Libyan production of the energy commodity might be impacted by rebels protesting at the nation’s oil ports in the eastern region of the nation.
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