Angola is set to export the most oil in almost four years in August, demonstrating why the country decided to leave OPEC.

Shipments will jump to 1.23 million barrels a day, loading plans show. The Organization of Petroleum Exporting Countries had tried to set a production limit of 1.1 million a day on Luanda, prompting Angola to depart the group. Output is not directly tied to monthly exports.

“They have a very clear mandate to grow production in Angola,” said Paul McDade, chief executive officer of Afentra Plc, which holds licenses there and plans to boost output. The government “wants to see the country grow up from 1.1 million barrels a day,” he said in an interview earlier this month.

Angola decided to quit OPEC in December because the production threshold — set by the group after an external review of the nation’s capacity — was to be 400,000 barrels a day lower than a prior limit. That would have entrenched output restrictions and made it harder to go higher.

“Leaving OPEC has opened further opportunities for investment into the oil and gas sector,” said Robert Besseling, CEO of advisory firm Pangea-Risk. It means the US and China are now vying to become Luanda’s favored economic partner, he said.

The government has encouraged exploration companies — including Afentra — to invest more by granting them license extensions and favorable fiscal terms, McDade said.

The producers running Angola’s fields have invested heavily in expansion and reservoir management to counter dwindling production, according to Energy Aspects. August’s export flows also reflect the deferral of two cargoes that were meant to be shipped in July, said Dylan Hattingh, an analyst at the researcher.

Even without those adjustments, exports would still be the highest since last July and above OPEC’s proposed lower limit, the loading plans show.

“The recent stabilization in production is likely the result of incremental field work and infill drilling undertaken over the past few years,” Hattingh said. “Investment in offshore assets remains robust, and we anticipate this trend will continue under the management of experienced operators.”

By Bill Lehane, Grant Smith and Paul Burkhardt, With assistance from Julian Lee.  Bloomberg

Donald Trump and Joe Biden have faced off at one of the earliest presidential debates in modern US history.

The two wannabe presidents clashed at the debate hosted in Atlanta, Georgia – a key battleground state which Biden won by less than 13,000 votes back in 2020.

This is the second round of debates between Trump and Biden, as they both competed to become president in 2020, a battle Biden ultimately won.

But the consensus seems to be that Trump won this clash, with Democrats concerned that the president stumbled, drew blanks, and didn’t take opportunities to challenge Trump’s record.

Vice President Kamala Harris defended Biden, telling CNN it ‘was a slow start, but there was a strong finish’. 

The two candidates strode on stage on Thursday evening and walked directly to their lecterns, avoiding a handshake.

Trump repeatedly attacked Biden on the economy and his foreign policy record, while Biden slammed Trump for ‘having sex with a porn star’ and his recent criminal conviction.

The attacks turned personal several times, with both men trading personal insults and at one point slamming each other’s golfing skills.

Biden’s raspy voice, which his team says is because he was ill, was repeatedly questioned by analysts who think his chances of retaining the presidency are slipping.

At one point he seemed to lose his train of thought and go blank, leading to Trump mocking him to his face for ‘not knowing what he’s saying’.

Aiming to avoid a repeat of their chaotic 2020 meetings, Mr Biden insisted – and Mr Trump agreed – to hold the debate without an audience and to allow the network to mute the candidates’ microphones when it is not their turn to speak.

The first question saw Biden pressed to defend rising inflation since he took office, which he pinned on the situation he inherited from Trump amid the Covid-19 pandemic.

With the economy as the first issue of the debate, Biden detailed what he described as an American economy ‘in freefall’, while Trump bragged about the state of the economy while he was in office, as well as his handling of the pandemic.

Biden blamed Trump during the debate for the deluge of state abortion restrictions since the fall of Roe v Wade.

The former president repeated his catch-all states-rights response when abortion rights came up, touting that he returned the abortion question to individual states.

Trump said on the debate stage that he believes in abortion ban exceptions ‘for rape, incest and the life of the mother’.

Asked about the Capitol attack on January 6, 2021, Mr Trump quickly pivoted to immigration and taxes.

Pressed on his role, he said he encouraged people to act ‘peacefully and patriotically’, then attacked former House speaker Nancy Pelosi.

Biden said Trump encouraged the supporters to go to the Capitol and sat in the White House without taking action as they fought with police officers.

Almost 45 minutes into the debate, Biden finally referenced Trump’s recent felony conviction in New York.

During the discussion about the insurrection, Biden said: ‘The only person on this stage that’s a convicted felon is the man I’m looking at right now.’

Trump sought to pivot from his own legal troubles by referring to Mr Biden’s son, Hunter, as a ‘convicted felon’.

He was referencing the younger Biden’s felony conviction this month on three firearms charges.

Trump also repeated long-running claims related to the Bidens and Ukraine, a frequent attack point for Republicans, while Biden brought up allegations that Trump had sex with porn actress Stormy Daniels. Trump denies this.

The next presidential TV debate will be held on September 10, two months before the US heads to the polls on November 5. Metro

Scores were injured and killed during the anti-Finance Bill protests held across the country In the aftermath, an M-Changa account was opened to raise funds to treat the injured and bury the dead The fundraiser targeted KSh 10 million, but Kenyans had already raised KSh 14 million in eight hours.

Entertainment Awards 2024 voting is officially underway! Your voice means everything! Vote NOW A fundraising effort for injured anti-finance Bill protestors nationwide has exceeded its KSh 10,000,000 goal. Skip Ad Kenyan exceeded the KSh 10 million target.

How much have Kenyans raise for anti Finance bill casualties? Launched via online fundraising platform M-Changa, the donations from well-wishers drawn from all walks of life have reached KSh 19,519,370. According to a statement on the page, the funds will assist with the medical expenses of those seriously injured or hospitalised during the protests. by  William Osoro, Kenyans.co.ke