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OPEC Cuts May Go Deeper as Another Member Sees Output Slump

  • Angola’s crude exports fall to lowest since at least 2008
  • OPEC disruptions could send prices above $80 a barrel: BofAML
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OPEC's Control of the Oil Market Is Running on Fumes

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While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation.

Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate -- a shipping program seen by Bloomberg News shows crude exports will fall in June to the lowest since at least 2008 -- the cartel risks tightening supply too much.