Luanda: The chairman of the Board of Directors of Sonangol, Sebastio Martins, assured on Wednesday that the Angolan state oil company is set to meet its production targets despite the ongoing decline in international oil prices. Speaking to the press following the visit of Tanzanian President Samia Suluhu Hassan to the Luanda Refinery, Martins emphasized that Sonangol's current production levels remain within expected standards.
According to Angola Press News Agency, the CEO of Sonangol highlighted that the company maintains a stable production rate of 200,000 barrels of oil per day. He noted that with several projects underway, Sonangol is well-positioned to fulfill its production commitments without significant challenges.
Martins further elaborated on Angola's overall oil production, stating it hovers around or above one million barrels per day, with Sonangol playing a crucial role in achieving this national output. He attributed the volatility in international oil prices partly to tariff-related issues imposed by the United States and other countries, which have led to price reductions.
He acknowledged the necessity for the country to adapt to this market reality and underscored the importance of controlling costs and production to mitigate the impact of price fluctuations. Sonangol's output, he stated, supports various domestic activities and contributes to Angola's export revenues.
Martins also advocated for stronger partnerships between Angola and Tanzania, particularly in export activities and other initiatives where Sonangol is actively involved. He pointed out that the company is engaged in a comprehensive value chain that includes not only oil and gas production but also renewable energy and critical minerals.
The current trading price for Brent crude oil, a benchmark for Angola's exports, stands at US$61.22 per barrel, representing a 3.37% decrease from the previous day's opening price. The Angolan General State Budget for 2025 was prepared with a benchmark price of US$70 per barrel and an estimated production of 1.098 million barrels per day.