Angola Commodities January 2022

Angola: Cabinda prices soar in January

Cabinda oil prices soared to USD 87.4 per barrel (pb) on average in January, up from USD 74.4 pb in December. January’s rise marked a 17.5% increase over the prior month and a 57.9% jump over the same month last year.

Global oil prices were boosted in January by a better demand outlook and weak supply prospects, with the market still in deficit. Demand dynamics have been supported by easing concerns over Omicron’s impact on the global economic recovery, with solid oil usage reducing stockpiles. Turning to output, production of Angolan Cabinda oil was steady at December’s 1.1 million barrels per day (mbpd) in January. Among other OPEC+ members, output increased markedly in Nigeria and Saudi Arabia, while it ebbed in Libya and Venezuela.

Moving forward, prices for crude oil have continued to rise midway through February, amid tensions between Russia and Ukraine. Regarding output, production of Cabinda oil is expected to rise this year amid solid demand dynamics.

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