Angola: Cabinda crude oil prices drop in August
The average price of Angola’s Cabinda crude oil fell from USD 73.6 per barrel (pb) in July to USD 71.9 pb in August. The result marked the third consecutive month where the average monthly price fell—the longest spell of price decline in over two-and-a-half years. Nevertheless, despite coming in 2.4% below the average price observed in the previous month, the print was still 37.9% higher in year-on-year terms.
Oil prices slipped in the first few weeks of August against the backdrop of escalating trade tensions between China and the U.S. which weighed on global growth prospects. However, prices regained some lost ground in recent weeks as Saudi Arabia reported a decline in output in July and as U.S. economic sanctions against Iran started to erode Iranian oil exports.
Crude oil production among OPEC countries rose to 32.56 million barrels per day (mbpd) in August, from July’s 32.29 mbpd, according to the cartel’s latest monthly oil report released on 12 September.
Oil production in Angola remained stable in August at the previous month’s 1.6 mbpd. Meanwhile, the oil price outlook remains broadly steady, as planned supply increases by OPEC and Russia should fill the gap left by other key producers, thus keeping crude oil prices in check in the coming months.