Angola: Cabinda crude oil continues on an upward path in September
October 13, 2017
The average price of Angola’s Cabinda crude oil increased from USD 52.1 in August to USD 56.8 in September. September’s figure was 23.8% higher year-on-year and 9.1% above the average price in August.
On 12 October, the price of Angola’s Cabinda oil was USD 56.8, which was 1.8% higher than on the same day in September and 16.4% above the same day last year. On a year-to-date basis, Cabinda oil prices have risen 3.5%. A spike in geopolitical tensions following the Kurdish independence referendum on 25 September, higher crude demand in the United States following a steep decline in inventories of oil distillates, and expectations of higher demand for the commodity on the back of faster global growth have all played a role in higher oil prices. More importantly, reports of more countries supporting a further extension of the OPEC output cut deal from its current deadline of March 2018 have further boosted prices.
Author: Oliver Reynolds, Economist