Angola: Cabinda crude oil prices edge up in October
The average price of Angola’s Cabinda crude oil jumped from USD 79.5 per barrel (pb) in September to USD 82.0 pb in October. The print marked the highest price in four years and was 3.2% above the average price observed in the previous month and 40.7% higher in year-on-year terms.
Oil prices continued to trend higher at the beginning of October amid fears of global supply disruptions in the wake of U.S. sanctions against Iranian oil exports. Nevertheless, price pressures receded in the following weeks due to growing fears of a global economic slowdown, partly thanks to the cooling of the Chinese economy. In addition, less-severe-than-expected supply constraints added further downward pressure to prices in the second half of the month as OPEC reportedly increased oil output to its highest level in nearly two years in October.
Crude oil production among OPEC countries rose to over 33.0 million barrels per day (mbpd) in October, from September’s 32.85 mbpd, according to the Reuters survey data published on 31 October.
Oil production in Angola edged down in October from the previous month’s 1.58 mbpd to 1.55 mbpd. Looking ahead, the sustained increase in output by major oil producers and weakening global demand will likely continue to weigh on global oil prices in the coming year.