Angola: Angola Cabinda oil price reaches over one-year high in October
November 10, 2016
In October, the average price of Angola’s Cabinda oil rose 6.4% over the previous month, reaching USD 46.2 per barrel. On a year-on-year basis, the average oil price was 4.0% higher compared to the same month of the previous year. In October, Angola’s oil production dropped from 1.77 million barrels per day (mbpd) to 1.71 mbpd.
More recently, on 9 November, the price of Angola’s Cabinda oil fell to USD 43.8 per barrel, which was 11.9% lower than on the same day in October and was 0.1% lower than on the same day of the previous year. On a year-to-date basis, Cabinda oil prices have gained 24.9%.
Lately, Angolan oil prices have suffered from the uncertainty over OPEC’s ability to find an agreement on curbing oil production at the next meeting scheduled for the end of November in Vienna. However, higher demand from China is set to spur oil loadings from Western Africa and particularly from Angola, putting upward pressure on prices.
Author: Andrea Vetrugno, Economist