Angolan Finance Minister Vera Davis said her country is likely to struggle to reach its production quota in OPEC for at least two years.
Angola has experienced a steady decline in domestic crude oil production, which is the government’s main source of revenue, after years of under-investment in the energy sector.
Oil production resumed in August after falling to a 17-year low in June, according to the latest statistics from the International Energy Agency, but is still below its production quota in the Organization of Petroleum Exporting Countries. .
The minister said in an interview with Reuters expecting production to reach that level in the medium term, adding that the medium term means the next two to five years.
“We will do our best, but achieving this in the short term will be difficult,” he said.
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