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.
Author: Oliver Reynolds, Economist