Angola's state-run Sonangol has taken two cargoes out of its planned May exports in a move to boost its compliance with an OPEC deal to curb production, an oil trader familiar with Angolan loading plans said on March 27.
A revised loading program showed the country's exports were now set at 1.61 million barrels per day (MMbbl/d) from 52 cargoes, down from 1.67 MMbbl/d from 54 cargoes initially. The source said the two cargo loadings removed and pushed into June were an end-month Dalia that was with Sonangol and a Cabinda that was set to load with Eni.
Under the deal with OPEC and other nations, Angola agreed to cut 78 Mbbl/d from a reference production level of 1.751 MMbbl/d. So far this year, Angola's production and exports have been well below the target, but several fields are coming into production or ramping up, including Chevron Corp.'s (NYSE: CVX) Mafumeira Sul and Eni's West Hub and East Hub projects.
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