Angola eyes output boost despite price

摘要

London—Africa’s second largest oil producer Angola has increased its oil production target for 2016 to 1.89 million b/d but it remains bearish on oil prices for next year, according to budget projections. Angola’s economy, which depends on oil for approximately 98% of its export revenues, remains fragile due to the significant fall in oil prices since mid-last year, and the proposed budget is based on an oil price of $45/b for next year, which implies that it does not expect prices to recover soon.