Angola has been OPEC’s second most compliant member with regard to the 2016 oil production cut deal, but just like the number-one compliant member, Venezuela, this prestige does not come from the country’s willingness to help bring down global supply of crude, at least not entirely. Angola’s oil fields are maturing and are nearing depletion. Unless new investments are made in new discoveries, things will continue getting worse, the International Energy Agency warned in its Oil 2018 report this week. Without measures to stimulate new investment, Angola’s oil production capacity will drop to just 1.29 million bpd over the next five years. Currently, the West African country pumps around 1.67 million bpd in line with the quota assigned it by OPEC. There have been oil investments in recent years. In fact, three oil majors have invested in new production in Angola, Bloomberg’s Rupert Rowling notes in a recent story […]