LOCATED ON THE Atlantic coast in the southern part of Africa, Angola has proven crude oil reserves totalling 7.8 mmbbl and 343bn cu/m of natural gas, according to OPEC. The latest OPEC Monthly Oil Market Report shows that Angola produced on average 1.4 mmbbl daily during 2019 and just shy of 1.2 mmbbl during November 2020, making it OPEC s seventh largest oil producer behind Nigeria and ahead of Libya. During H1 2020, Angola's crude oil production surpassed the OPEC+ production quota of 1.18 mmbbl daily, and OPEC asked Angola's government to curb oil output and ensure production with the agreed quota. By July 2020, Luanda agreed to comply with the cartel's target and implemented additional production cuts to make up for the lack of compliance.
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