Angola oil exports to fall

LONDON – Angola is set to export 1,80 million barrels per day in February, down 70 000 bpd from the previous month, its second consecutive monthly decline, trade sources said on Tuesday.

Fewer loadings of Nemba, Girassol, Dalia, Hungo and Kissanje crudes in February offset a rise in Palanca, traders said. Angola exports nearly all of its oil production, consuming only around 62 000 bpd domestically.As a result, output can be pegged at around 1,86 million bpd for February.That is just under Angola’s oil output target of 1,9 million bpd, set by Opec earlier this month and effective from January 1.The second-largest oil producer in sub-Saharan Africa is expected to boost its supply capacity to two million bpd during the first half of next year.But analysts and some Opec officials believe the country will not be able to sustain such a level throughout 2008.Traders said the first shipments from Exxon Mobil’s new Mondo oilfield were likely to be rescheduled for February since production has yet to begin.The inaugural cargo was scheduled to load on December 30-31 with two more stems expected in January.The three cargoes will likely be carried over into the February programme, traders said.An Exxon spokeswoman said the company hoped to commence output early next year, with production eventually reaching 100 000 bpd.Nampa-ReutersAngola exports nearly all of its oil production, consuming only around 62 000 bpd domestically.As a result, output can be pegged at around 1,86 million bpd for February.That is just under Angola’s oil output target of 1,9 million bpd, set by Opec earlier this month and effective from January 1.The second-largest oil producer in sub-Saharan Africa is expected to boost its supply capacity to two million bpd during the first half of next year.But analysts and some Opec officials believe the country will not be able to sustain such a level throughout 2008.Traders said the first shipments from Exxon Mobil’s new Mondo oilfield were likely to be rescheduled for February since production has yet to begin.The inaugural cargo was scheduled to load on December 30-31 with two more stems expected in January.The three cargoes will likely be carried over into the February programme, traders said.An Exxon spokeswoman said the company hoped to commence output early next year, with production eventually reaching 100 000 bpd.Nampa-Reuters