OPEC Members Are Being Forced To Compensate For Missed Targets

Angola is set to cut 261,000 barrels per day (bpd) from its reference 2018 oil production in January as part of the OPEC+ pact, setting its production quota slightly above the current ceiling, the Angola Press Agency ANGOP reports. Angola’s current oil production quota is set at 1.249 million bpd, as per the OPEC+ pact agreed in April.

For May and June, when the deepest OPEC+ cuts were in force, Angola had to pump no more than 1.18 million bpd. The cut of 261,000 bpd from the reference production of 1.528 million bpd gives Angola a ceiling…