Angola Reduces Oil Production

Luanda, Angolan state oil company Sonangol has cut its production by 78,000 barrels per day (bpd) from 1.673 million bpd as part of The Organization of the Petroleum Exporting Countries (OPEC) agreement to reduce production by 1.2 million barrels a day from January in a bid to reverse a slump in global oil prices.

The deal comes into effect despite Angola’s dire economic straits, as international economic growth slowed to about 1 percent in 2016 driven by a sharp slowdown in the non-oil sector.

The southern African nation is reeling from low oil prices, with oil comprising about 45 percent of its GDP and over 95 percent of its exports.

Source: Qatar News Agency