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Angola Set to Export a Record 1.8 mbd in November

09-18-2007 

Angola is set to export a record 1.80 million barrels per day of crude oil in November, up 70,000 bpd from its previous record high set in October, traders said on Monday.

Crude shipments from OPEC's newest member have set fresh record highs in five of the last six months. Loadings increased for Girassol, Kuito, Dalia and Plutonio grades, offsetting declines in Nemba, Hungo and Kissanje.

Plutonio has yet to begin production, despite market expectations for the fields to start loading this month. Officials of operator BP said output would commence by the end of the year.The new Plutonio fields are expected to help the second-largest oil producer in sub-Saharan Africa reach its goal of two million bpd by next year. That is nearly double the output in 2006.

Angola exports most of its oil production, consuming only around 62,000 bpd domestically. As a result, the country's output can be pegged at around 1.86 million bpd.

OPEC Secretary-General Abdullah al-Badri said on Friday Angola would receive its output target on January 1 after ministers meet in December. Angola and Iraq are currently not bound to the group's official production limits.