Angola Commodities April 2022

Angola

Angola: Cabinda prices drop in April

May 13, 2022

The average price for Cabinda oil dropped to USD 106.5 per barrel (pb) in April, down from March’s USD 121.0 pb. This marked a 12.0% decrease month on month. However, prices were still up a marked 65.8% year on year.

Oil prices in recent weeks suffered from the Covid-19 outbreak in China and an oil reserve release by the IEA, bringing the bull market to a halt as demand prospects worsened while the supply outlook improved. The outlook further deteriorated due to the Fed’s hawkish turn and stronger U.S. dollar. Turning to production, output of Angolan Cabinda oil was stable at April’s 1.14 million barrels per day (mbpd) in May. Production among other OPEC+ members diverged. Output nosedived in Libya, and eased in Nigeria and Gabon. However, production in Saudi Arabia and Iraq jumped significantly while it rose in Iran, Kuwait and the UAE.

Prices remained steady midway through May as the outlook has not significantly changed. Developments in the war in Ukraine and the evolution of sanctions on Russia, particularly relating to oil, will have significant impacts on the price levels for the black gold moving forward.

FocusEconomics Consensus Forecast panelists forecast oil production to rise to 1.18 mbpd in 2022. In 2023, the panel sees crude output at 1.17 mbpd.


Author:, Economist

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Angola Commodity May 2022 0

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


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