Angola Commodities March 2024

Angola: Angolan oil output gains steam in March

Brent crude oil prices averaged USD 84.96 per barrel in March, up 3.9% from February. On 29 March, the commodity traded at USD 87.42 per barrel, up 4.3% from 29 February. Supply cuts by OPEC+ and robust demand drove up prices.

On the production front, Angolan oil output rose to 1.13 million barrels per day (mbpd) in March from 1.11 mbpd in February. As a result, March’s figure outperformed the national oil firm’s expectations of 1.05 mbpd. Oil production ticked down to 1.13 mbpd on average in the first quarter of 2024 (Q4 2023: 1.14 mbpd) but remained well above last year’s average of 1.10 mbpd.

Oil production is expected to average around current levels during 2024 as a whole, recovering from last year’s slump of 1.10 mbpd. Growing investor interest in the country’s hydrocarbons sector following Angola’s exit from OPEC at the tail end of 2023 should translate into a protracted, but steady, recovery in the sector. The continued implementation of the government’s 2020-2025 Hydrogen Exploration strategy will add impetus. That said, this fresh flexibility will not outweigh the impact of maturing fields this year, and production will remain well below the prior 10-year average of 1.44 mbpd.

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