Angola Commodities August 2017


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.

FocusEconomics Consensus Forecast panelists expect oil production to reach 1.72 mbpd in 2017. In 2018, the panel sees crude output inching up to 1.79 mbpd.

Author:, Economist

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Angola Commodities Chart

Angola Commodity September 2017

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

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