Angola delaying planned increase in oil output to 2017

WASHINGTON, D.C. (Bloomberg) -- Angola, Africa’s biggest oil producer after Nigeria, plans to increase output to 2 MMbpd by 2017, according to Finance Minister Armando Manuel. That would be two years behind an earlier target. Angola will budget next year for oil prices from $88 to $92/bbl, said Manuel, who is urging the Organization of Petroleum Exporting Countries to take steps to avoid more declines. Brent is down 16% this year in London, the most since a 51% drop in 2008.

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