Angola Commodities February 2017


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.

FocusEconomics Consensus Forecast panelists expect oil production to reach 1.77 mbpd in 2017. In 2018, the panel sees crude output inching up to 1.84 mbpd.

Author:, Economist

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Angola Commodities Chart

Angola Commodity February 2017

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

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