Angola Commodities February 2022

Angola: Cabinda prices rise in February

Cabinda oil prices soared to USD 99.1 per barrel (pb) on average in February, up from USD 87.4 pb in January. February’s rise marked a 13.3% increase over the prior month and a 58.4% jump over the same month last year.

Global oil prices were boosted in February by the eruption of war in Ukraine, which sparked supply worries. Russia produces close to 12% of world’s total oil output and sanctions placed on the country create the risk of Russian oil being cut off from global markets. Turning to output, production of Angolan Cabinda oil rose from January’s 1.1 to 1.2 million barrels per day (mbpd) in February. Among other OPEC+ members, output more rose markedly in Saudi Arabia and Libya, while it ebbed in Nigeria and Equatorial Guinea.

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