Angola Commodities January 2023

Angola: Angolan oil output ticks up in January

Brent crude oil prices averaged USD 79.11 per barrel in January, up 2.0% from December. On 31 January, the commodity traded at USD 81.93 per barrel, up 5.5% from 29 December. Robust activity in the U.S. and stimulus in China boosted demand for oil in January. Recently, prices rose further as OPEC+ continued to cut its production and tensions in the Middle East remained inflamed.

On the production front, Angolan oil output gained momentum at the outset of 2024, accelerating to 1.14 million barrels per day (mbpd) in January from December’s 1.12 mbpd; however, the reading was below the 1.15 mbpd expected by the national oil firm.

Oil output this year is forecast to tick up slightly from 2023’s slump to 1.11 mbpd. That said, production will remain below the past decade’s average of 1.44 mbpd, as maturing fields should continue to weigh on oil sector activity. Angola’s withdrawal from OPEC at the tail-end of 2023 aimed to attract new investments for the oil sector; that said, it will take time for this increased flexibility to translate into a significant jump in production.

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