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OPEC delivers early Christmas present for Nigeria: Sub-Saharan Africa upstream month in brief
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Report summary
Angola and Gabon are to cut 4.5% of production to 1.67 million b/d and 193 kb/d respectively, in line with reduced allocations announced by OPEC on 30 November. Natural decline due to mature fields and falling upstream investment will account for a sizeable share of cuts in both countries. The remainder will be met through production shut-ins. For Angola, reduction to its output could not have come at a worse time, with its economy in deep financial crisis. Nigeria, on the other hand, is exempt from production cuts due to militancy that has impacted its output for much of 2016.
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