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Luanda Bay
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Angola: China guarantees increase in demand for Angolan oil
Lisbon, Portugal, 6 Oct – Angolan oil exports, the country's main source of revenue, will continue to increase in the near future thanks to growth in demand from China which will compensate for possible setbacks in other markets, according to analysts from Portugal’s Banco BPI.
“Despite certain conditions that could limit the demand from developed economies, China's strong growth provides guarantees that, in the near future, demand for Angolan oil should be maintained,” say the BPI analysts in the latest report on Angola, published in September.
Throughout this year Angola has boosted its position as the largest and most reliable oil producer in Sub-Saharan Africa, with estimated production of 1.9 million barrels per day, ahead of Nigeria where the Niger delta conflict has seriously affected production.
Over the next few months an important strengthening of Angolan production capacity should take place, with new oil fields such as Saxi and Batuque starting production and Mondo and Cabinda stepping up their output. [ more ] |
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