UPDATE 1-OPEC member Angola says producer cuts insufficient, more action needed

(Adds quote, details)
By Noah Browning
LONDON, April 24 (Reuters) - Angola sees an oil production
curb by OPEC, its allies and other top producers as insufficient
to balance global markets, state news agency ANGOP quoted
resources and petroleum minister Diamantino Azevedo as saying on
Friday.
"It is up to everyone to understand that, despite the
measures taken by OPEC, oil producers in various countries
should be aware that they may be called to take more drastic
measures," Azevedo said.
"Because of the lack of storage capacity, continued
production is becoming unjustified," he added, referring to the
strained ability of global oil consumers to store up unwanted
oil amid economic lockdowns brought on by the coronavirus.
Amid the unprecedented reductions by major producers, Angola
committed to cut almost a quarter of its output from an October
2018 baseline.
March production stood at 1.39 million barrels per day (bpd)
and Angola is obliged to reduce its output to 1.18 million bpd
from May.
According to a preliminary plan for June oil exports, Angola
is set to ship several more crude cargoes than the month before,
but traders say the schedule has yet to be finalised.
Angola, Africa's number two oil exporter after Nigeria, is
working to reform its oil industry to halt a production slump
that has dented the economy, including privatising stakes of
state oil giant Sonangol.
The country is vulnerable the recent plunge in oil prices,
which reached two-decade lows this week before rebounding
slightly, due to a largely offshore industry with high
production costs and years of lacklustre investment.
Azevedo said Angola risked being left behind by other
countries with more accessible oil reserves and better
infrastructure and that its own industry was hamstrung by
"conflicts of interest, lack of investment and leadership".
"Immediate measures are being taken to improve the
investment climate," he added, noting that the parliament was
discussing bills to reduce taxes on oil investment and
exploration.