Angola Commodities September 2019

Angola: Cabinda crude oil price rises in September

The average price of Angola’s Cabinda crude rose from USD 60.7 per barrel (pb) in August to USD 64.6 pb in September. September’s price was 6.4% above the average price observed in the previous month but was still 18.7% lower in year-on-year terms.

Global oil prices were volatile in September. News that China and the U.S. were resuming trade talks put upward pressure on prices at the beginning of the month. This was followed by an attack on Saudi Arabian oil facilities on 14 September which marked the worst sudden disruption to supply in history and sent prices soaring. Later in the month, however, prices dropped again as Saudi Arabia restored output capacity and lackluster economic data in key economies weighed on the market, raising concerns over slowing global crude demand.

Oil production in Angola decreased to 1.38 million barrels per day in (mbpd) in September from 1.43 mbpd in August. Meanwhile, according to the latest OPEC report published on 10 October, crude oil production among OPEC countries edged down to 28.49 mbpd in September from 29.81 mbpd in August.

Looking ahead, the outlook for oil prices remains somewhat uncertain. While continued geopolitical tensions in the Middle East, sustained OPEC+ production cuts and a potential resolution to the China-U.S. trade tensions should fuel price pressures, risks are tilted to the downside due to waning global growth prospects.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen