Angola: Cabinda oil price picks up in July
August 21, 2017
The average price of Angola’s Cabinda oil rose from USD 46.2 in June to USD 48.6 in July. July’s figure was 10.1% higher than the average price in the corresponding month of the previous year and 5.4% above the average price in June.
More recently, on 18 August the price of Angola’s Cabinda oil was USD 51.4, which was 7.1% higher than on the same day in July and 4.5% above the same day last year. On a year-to-date basis, Cabinda oil prices have dipped 6.3%. Oil prices increased substantially towards the end of July on news of a significant drawdown in U.S. crude stocks, which fueled hopes amongst investors that the significant supply overhang in the market was finally clearing. However, they have since dipped somewhat to hover just above the USD 50 per barrel mark, as a result of supplies from Libya coming back on stream following a temporary disruption to production, while concerns linger regarding OPEC’s ability to effectively limit its members’ output.
Author: Oliver Reynolds, Economist