Angola Commodities October 2023

Angola: Angolan oil output rises in October

Brent Crude Oil averaged USD 88.95 per barrel in October, down 4.0% from September’s price. On 31 October, the commodity traded at USD 87.54 per barrel, 8.2% lower than on the same day of the previous month. The decline was chiefly driven by a selloff in early October amid concerns surrounding the health of the global economy. Prices regained some ground following the onset of the Israel-Hamas conflict.

Turning to production, Angolan oil output rose to 1.17 million barrels per day (mbpd) in October, the highest level since June 2022, from 1.12 mbpd in September.

In other news, in mid-October, the national oil and gas regulator penned an agreement with ExxonMobil and the national oil firm to boost petroleum exploration in the area.

Angola’s oil production is seen unchanged in 2024 relative to this year and well below the 10-year average of 1.49 mbpd. Maturing fields are set to weigh on crude output growth.

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