Angola Seeks to Keep Oil Output Above 1MM Barrels a Day
Angola's president said in his annual state of the nation address to lawmakers in Luanda that the oil and gas sector remains central to the country's economy and public finances, and that measures are being implemented to keep production above 1 million barrels a day. He said the government continues efforts to diversify the economy away from oil, which accounts for more than 90% of export revenue, and that the economy grew 5.3% in the first quarter, driven by a 6.2% expansion in the non-oil sector. Public debt fell to 51.2% of gross domestic product in 2026 from 115.9% in 2020, he said, while structural challenges such as the low level of formalization of the economy remain.
Why it matters: The effort to hold crude output above 1 million barrels a day illustrates the energy security and fiscal stakes for a producer whose oil revenue funds most of the state, even as non-oil growth and debt reduction shift the economy's centre of gravity.