Angola Commodities August 2023

Angola: Angolan oil output falls but Brent prices rise sharply in August

Brent prices averaged USD 85.2 per barrel in August, up 6.3% from July’s price but 12.8% lower year on year. Meanwhile, on 31 August, Brent traded at USD 86.9 per barrel, 1.5% higher month on month. Lower production in Russia and Saudi Arabia, coupled with the two countries’ announcements in August of further cuts in September, boosted prices.

Turning to production, Angolan oil output fell to 1.12 million barrels per day (mbpd) in August from July’s 1.18 mbpd.

Our panelists see Angola’s oil production below last year’s levels in 2023 and well below the 10-year average of 1.49 mbpd. Lower output at previously overproducing wells, maturing fields amid a lack of enhanced oil recovery techniques, and maintenance work will all hamper output.

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