MassiveIndustry

(Mon, 25 Jan 2021) Angola is the second-largest producer in Africa, following Nigeria, and its economy depends heavily on hydrocarbon production for revenue. As a member of OPEC, Angola has agreed to limit its monthly crude oil production as part of the April 15, 2020 agreement, which was made in response to the acute drop in economic activity and global crude oil demand caused by the outbreak of COVID-19. The economic crisis caused by COVID-19 as also affected Angola’s plan to increase production; drilling in its offshore fields was temporarily suspended in 2020 after international oil companies cut back on capital spending and final investment decisions were delayed for projects that were under development. Against this backdrop, the Angolan government has sought debt relief measures to alleviate its economic hardship, particularly with China and the IMF.