Angola: Cabinda oil price inches up in February
March 16, 2017
The average price of Angola’s Cabinda oil edged up slightly in February, reaching USD 54.8 per barrel, which was 77.03% higher than the same month of the previous year and 0.64% above the corresponding figure for January.
More recently, on 15 March the price of Angola’s Cabinda oil was USD 50.67 per barrel, which was 7.0% lower than on the same day in February but 39.7% higher than on the same day last year. On a year-to-date basis, Cabinda oil prices have dipped 7.6%. Oil prices have seen a significant fall since the start of this month on news of record U.S. oil inventories and a recent rise in production in Saudi Arabia, a fellow signatory along with Angola of the OPEC agreement reached last November.
Author: Oliver Reynolds, Economist