Angola: Cabinda crude oil continues upward ascent in January
The average price of Angola’s Cabinda crude oil rose from USD 63.2 per barrel in November to USD 64.8 per barrel in December. December’s print was 21.5% higher year-on-year and 2.5% above the average price observed in November. The monthly reading marks the highest price since November 2014.
Oil prices continue to be supported by strong market fundamentals for the commodity. Demand has increased on improved health of the global economy with developed and developing economies expanding at a healthy pace. Likewise, strong compliance among the countries participating in the OPEC and non-OPEC oil output cut deal has also helped to lower existing stockpiles of the commodity and push prices higher. Ongoing geopolitical tensions in the Middle East, particularly protests in Iran in early January, have pushed prices higher.