Angola: Cabinda oil price takes a tumble in March

The average price of Angola’s Cabinda oil fell to USD 51.56 in March, down from USD 54.79 in February. The figure was 39.1% higher than the same month of the previous year but 5.9% below the corresponding figure for February.

More recently, on 18 April the price of Angola’s Cabinda oil was USD 52.46 per barrel, which was 3.6% higher than on the same day in March and 29.5% higher than on the same day last year. On a year-to-date basis, Cabinda oil prices have dipped 4.4%. Oil prices have recently seen substantial fluctuations, falling significantly in mid-March upon news of record U.S. oil inventories, before picking up again as U.S. stocks finally began to fall and calls were made for an extension to the OPEC deal. Over the last few days however, prices have dipped again upon news of greater U.S. production.

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.