Angola loses 6 mln USD per day due to low oil production: PetroAngola CEO

2021-10-28 11:55:52 GMT2021-10-28 19:55:52(Beijing Time) Xinhua English

LUANDA, Oct. 28 (Xinhua) -- The decline of oil production in Angola is causing daily losses of 6 million U.S. dollars, Patricio Quingongo, CEO of specialized oil and gas consulting company PetroAngola, said on Wednesday.

Speaking at the International Conference on Oil, Gas and Renewable Energy taking place in Luanda, Quingongo said Angola's supply in the global market represents merely 1 percent resulting from the current production levels of a daily average of 1.1 million barrels of crude oil.

He said this year the gross revenues of the oil industry have been estimated at 27 billion U.S. dollars.

The PetroAngola chief added that besides COVID-19, other factors have also influenced the sector, such as cuts by the Organization of the Petroleum Exporting Countries (OPEC), oil demand, and the global economic recovery. Enditem