The price of a barrel of Brent crude, a benchmark for Angolan exports, for delivery in August fell 2.62 percent to $78.93, trading below $80 for the first time since February.
US Benchmark Oil, West Texas Intermediate (WTI), for July Delivery Drops 2.86% to $74.79
OPEC+ Maintains Production Cuts
On Sunday, the Organization of the Petroleum Exporting Countries and allies (OPEC+) announced an extension of the current production cuts until the end of September, before gradually reintroducing the missing barrels into the market over the following 12 months.
OPEC+ has provisionally decided to extend the existing oil production cuts until September in an attempt to support commodity prices. However, some of the group’s main producers are working to further increase production restrictions.
The eight alliance members (Saudi Arabia, United Arab Emirates, Algeria, Iraq, Kuwait, Kazakhstan, Oman, and Russia) already have long-standing production cuts of 3.66 million barrels per day (bpd), which have been maintained until September. Additionally, some of the group’s main producers are finalizing an agreement to extend voluntary cuts until 2025, currently amounting to around 2.2 million bpd, according to delegates.
The voluntary cuts, initially set to end at the close of 2024, include a reduction of one million barrels per day by the main producer, Saudi Arabia, first implemented in July of last year.
Source: Jornal de Angola
What do you think?
The amount of funding they secured is impressive, and it’s great to see that they have the support of investors to help them bring their vision to life. This financing will surely help them to accelerate the development of Big River 2 and make it a success.