Angola Commodities November 2023

Angola: Angolan oil output dips in November; crude prices fall

Brent crude oil prices averaged USD 82.19 per barrel in November, down 7.6% from October’s price. On 30 November, the commodity traded at USD 80.68 per barrel, 7.8% lower than on the same day of the previous month. In November, investors continued to reduce their net long positions on crude oil amid lingering concerns surrounding the strength of the global economy.

On the production front, Angolan oil output cooled to 1.13 million barrels per day (mbpd) in November, from October’s two-month high of 1.17 mbpd.

In other news, in late November, Angola rejected OPEC’s offer of a 1.11 mbpd quota for 2024 and stated its intention to produce more. The move is set to strain relations with OPEC and could potentially lead to the Angola exiting the cartel.

Crude output in Angola is expected to remain unchanged in 2024 relative to 2023, well below the 10-year average of 1.49 mbpd and meeting next year’s proposed OPEC quota—despite the government’s vow to break it. Maturing fields are forecast to weigh on oil production.

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