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Angola: Oil prices continue to drop in September

August 17, 2015

In August, the average price of Angola’s Cabinda oil fell 18.1% over the previous month, reaching USD 45.5 per barrel. The reading marked a steeper contraction over the previous month’s 7.6% drop. In annual terms, the average oil price recorded a 46.9% drop, which was down from the 41.7% decline seen in July and marked the 15th consecutive annual fall in prices. That said, the print represented just a 7.2% gain over the USD 42.4 per barrel tallied on 13 January, when Cabinda oil recorded the lowest price since 2009.

Oil prices continued to drop in September. On 7 September, the price of Angola’s Cabinda oil fell to USD 44.9 per barrel, which was 3.3% lower than on the same day of the previous month and 53.9% weaker than on the same day of the previous year. A stronger U.S. dollar combined with concerns over a global supply glut continue to weigh on oil prices. The Angolan government heavily relies on oil revenues because oil accounts for 97% of the country’s exports. Plunging oil prices, which have left the government limited space for fiscal consolidation, have also pushed the local currency to all-time lows.

In August, Angola’s oil production reached 1.75 million barrels per day (mbpd), which was a deterioration over the 1.80 mbpd recorded in the previous month.

FocusEconomics Consensus Forecast panelists expect production to reach 1.82 million barrels per day this year. In 2016, the panel sees crude output to inch up to 1.91 barrels per day.


Author:, Senior Economist

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Angola Commodity August 2015 0

Note: Price of the OPEC oil basket in USD per barrel.
Source: Thomson Reuters


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