Two OPEC countries will bring giant oil fields online this year, testing their commitment to cap output amid a global push to curb supply.
Angola’s production totaled 1.63 million barrels a day in December, according to OPEC, within its quota of 1.67 million a day.
Nigeria, whose 1.8 million-barrel cap has only recently come into force, pumped 1.86 million a day in the month.
OPEC has said it’s committed to keeping limits on output through 2018, though a ministerial meeting is scheduled for June to discuss policy.
To be sure, neither African country is guaranteed to maintain steady production from existing deposits. Angolan fields have suffered from natural declines, while Nigeria has been subject to militant attacks that sent output to a two-decade in 2016.
Whether or not they exceed their caps, OPEC can count on tumbling output in Venezuela to keep the organization in compliance with its overall quota.
RBC Capital Markets warned this week that Venezuelan production crippled by years of under-investment and an economic downturn could slump by as much as a million barrels a day this year.