Angola: Cabinda oil prices rise in August
September 18, 2017
The average price of Angola’s Cabinda oil increased from USD 48.6 in July to USD 52.1 in August. August’s figure was 14.7% higher than the corresponding month of the previous year and 7.1% above the average price in July.
More recently, on 15 September the price of Angola’s Cabinda oil was USD 56.9, which was 13.0% higher than on the same day in August and 26.3% above the same day last year. On a year-to-date basis, Cabinda oil prices have risen 3.7%. Oil prices have picked up in recent weeks on the back of falling OPEC production in August, and rumors of a further OPEC deal extension after the current agreement expires in March 2018. Refineries in the U.S. are also coming back online following Hurricane Harvey, boosting demand for the commodity.
Author: Oliver Reynolds, Economist