Angola: Cabinda oil prices decline in June
July 12, 2017
The average price of Angola’s Cabinda oil fell from USD 50.05 in May to USD 46.16 in June. June’s figure was 2.1% lower than the corresponding month of the previous year and 7.8% below the average price in May.
More recently, on 14 July the price of Angola’s Cabinda oil was USD 48.0, which was 6.1% higher than on the same day in June and 6.9% above the same day last year. On a year-to-date basis, Cabinda oil prices have dipped 12.5%. Oil prices have picked up in recent weeks after bottoming out towards the end of June, as signs of strengthening demand and slower growth in drilling rigs in the U.S. buoyed the market. Prices had fallen substantially throughout most of June, as investors were unimpressed by the extension to the OPEC deal and remained skeptical about the cartel’s ability to stem ample supplies on world markets, particularly with Nigeria and Libya exempt from output cuts.
Author: Oliver Reynolds, Economist