Angola Commodities


Oil prices drop in July

In June, the average price of Angola’s Cabinda oil fell 4.50% over the previous month, reaching USD 58.95 per barrel. The reading contrasted the 9.40% increase recorded in the previous month. In annual terms, the average oil price recorded a 39.61% drop, which was slightly up from the 39.79% decline seen in May and marked the 13th consecutive annual fall in prices. That said, the print represented a 38.71% gain over the USD 42.4 per barrel tallied on 13 January, when Cabinda oil recorded the lowest price since 2009.

Oil prices continued to drop in July. On 7 July, the price of Angola’s Cabinda oil fell to USD 56.29 per barrel, which was 4.38% lower than on the same day of the previous month and 47.15% weaker than on the same day of the previous year. A stronger U.S. dollar combined with concerns over a global supply glut continue to weigh on oil prices. The Angolan government heavily relies on oil revenues because oil accounts for 97% of the country’s exports. Plunging oil prices, which have left the government limited space for fiscal consolidation, have also pushed the local currency to all-time lows.

In June, Angola’s oil production reached 1.77 million barrels per day (mbpd), which was an improvement over the 1.76 mbpd recorded in the previous month.

FocusEconomics Consensus Forecast panelists expect production to reach 1.82 million barrels per day this year. In 2016, the panel sees crude output to inch up to 1.91 barrels per day.

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Angola Commodities Chart

Angola Commodity July 2015

Note: Price of the OPEC oil basket in USD per barrel.
Source: Thomson Reuters

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