Angola agrees to compensate for under compliance with OPEC+ output cuts

Oil

Angola has now committed to fully comply with OPEC+ production cuts after previously resisting pressure from other members to meet their production quota, reports Reuters. The country will also compensate for overproduction in previous months by instating additional cuts from July through to September. Angola ​agreed to a production quota of 1.18M b/d but is yet to reach this target, with output in May and June of 1.28M b/d and 1.24M b/d respectively.