Angola's oil output stable on month, upstream activity picks up

London (Quantum Commodity Intelligence) - Angola's oil production was 35.3 million barrels in March, or 1.138 million barrels per day, down 17% on the year, however, upstream activity was at its highest level since March the prior year, the country's energy regulator Agencia Nacional de Petroleo, Gas e Biocombustives said Thursday.

Production was stable compared with February, but was still down significantly compared with the first quarter of 2019 for the OPEC member and top 10 global oil exporter, after which the Covid-19 crisis took hold.

The country's upstream industry has also suffered from operational issues in recent months, further dampening production capabilities.

However, there were nine drilling ships and 22 wells active in March, the highest figure in over a year.