Angola: Angolan oil production rises for a fourth consecutive month
Latest reading: Brent crude oil prices averaged USD 103.84 per barrel in May, up 1.0% from April. On 29 May, the commodity traded at USD 92.03 per barrel, down 19.4% from 30 April.
Turning to production, Angolan oil output ticked up to 1.06 million barrels per day (mbpd) in May from April’s 1.03 mbpd; in line with the 1.06 mbpd expected by national oil firm ANPG but undershooting the 2016–2025 average of 1.31 mbpd.
Outlook: Angola’s crude output is expected to exceed last year’s level in 2026, before rising gradually through 2029, driven by new project start-ups, regulatory reforms and renewed investment from major international operators.
Recent developments include Azule Energy’s USD 5.1 billion Greater PAJ offshore project, alongside continued expansion plans by TotalEnergies and Shell, while the launch of the Cabinda refinery in May will strengthen downstream capacity. However, structural challenges remain, with aging fields, high maintenance costs and project delays weighing on production. Lower oil export revenues also underscore Angola’s exposure to price volatility, although stronger global oil prices could encourage further investment and output expansion.