Angola to increase daily oil output by 35,000 barrels

Angola's President Joao Lourenco attends a joint news conference with his counterpart at the Elysee Palace in Paris, on May 28, 2018. (Photo by PHILIPPE WOJAZER / AFP) (Photo credit should read PHILIPPE WOJAZER/AFP/Getty Images)
Workers climb scaffolding surrounding a storage tank at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos, Nigeria.Photographer: Tom Saater/Bloomberg via Getty Images

Angola President Joao Lourenco has said the country will increase its daily oil production next year by more than 35,000 barrels in a bid to revive an economy hurting from drought.

In a State of the Nation Address to Parliament on Tuesday, President Lourenco said output would jump from 1,401, 235 barrels per day to 1, 436,900 barrels per day.

Angola is grappling with a biting drought that has cost both commercial and traditional cattle farmers without grazing land, pushing them to penury.

However, Angola continues to be heavily dependent on oil which contributes half of the country’s economic wealth, 80 per cent of government revenue and 95 per cent of exports.

As a result, the country’s economy has been severely affected by the sharp decline in oil prices and the government is looking for ways of diversification.

That has hampered job creation with President Mnangagwa 161,000 jobs were created in the public and private sectors between 2017 and 2019.

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