Angola Commodities May 2017


Angola: Cabinda oil price dips in May

June 14, 2017

The average price of Angola’s Cabinda oil fell from USD 52.37 in April to USD 50.05 in May. The figure was 9.6% higher than the corresponding month of the previous year but was 4.4% lower than April’s figure.

More recently, on 13 June the price of Angola’s Cabinda oil was USD 46.7, which was 4.4% lower than on the same day in May and 3.2% lower than on the same day last year. On a year-to-date basis, Cabinda oil prices have dipped 14.9%. Oil prices have fallen in recent weeks, as markets were unimpressed by the announcement that the OPEC deal will be extended for a further nine months. OPEC output actually rose in May, due to greater supply from Nigeria and Libya, both of which are exempt from cuts, while U.S. shale stockpiles remain high.

FocusEconomics Consensus Forecast panelists expect oil production to reach 1.75 mbpd in 2017. In 2018, the panel sees crude output inching up to 1.83 mbpd.

Author:, Economist

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Angola Commodity June 2017 1

Note: Price of the OPEC oil basket in USD per barrel.
Source: Organization of the Petroleum Exporting Countries (OPEC).

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