The slight growth of Angola did not affect the bankruptcy registered by the 14 OPEC countries, which together reduced their contributions to the market by 534 000 barrels daily, about 30.22 000 after they offered 30. 557 000 units in February.
The decrease at the block level was mainly due to the smaller pumpings from Saudi Arabia (leader, with 324 thousand barrels less), Venezuela (289 thousand less) and Iraq (126 thousand less).
With the data, Angola remained behind Nigeria as the largest producer in the continent. Abuja increased its supply from 1.723 to 1.733 million barrels daily from February to March.
At the beginning of the year, Angola cut off the pumping of 47,000 barrels of crude oil in order to comply with its quota in the reduction ordered last December by OPEC, in order to pressurize rise in prices on the international market.
OPEC decided to withdraw 1.2 million barrels daily, 3.03 percent of September’s production. Initially, the reduction was expected to be 2.5 percent (only 29 thousand barrels).
Early in last December, the members of the Organization decided to reduce their production by 800 000 barrels and that of non-members such as Russia by 400 000 barrels.
In that way, Angola’s quota was set at 1, 481,000 barrels.