Angola Commodities September 2023

Angola: Angolan oil output stable; Brent prices rise sharply in September

Brent prices averaged USD 92.67 per barrel in September, up 8.8% from August’s price and 2.3% higher year on year. Meanwhile, on 29 September, Brent traded at USD 95.41 per barrel, 9.8% higher month on month. The rally was driven by lower global supply prospects amid persistent output cuts by Russia and Saudi Arabia.

Turing to production, Angolan oil output was stable at August’s 1.12 million barrels per day (mbpd) in September. Meanwhile, in the same month, Angola’s national oil company, Sonangol, started its first onshore drilling project, with the aim of assessing the potential of the Kwanza Onshore Basin.

Our, panelists see Angola’s oil production roughly unchanged in 2024 compared to this year, remaining below the 10-year average of 1.49 mbpd. Maturing fields will remain a key drag on crude output growth

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