Angola Commodities


Angola: Oil prices increase in May

May 20, 2015

In April, the average price of Angola’s Cabinda oil rose 5.91% over the previous month, reaching USD 57.5 per barrel. The reading contrasted the 2.43% decrease recorded in the previous month. In annual terms, the average oil price recorded a 48.05% drop, which was a slight improvement over the 50.89% decline recorded in March and marked the 11th consecutive fall in annual prices. That said, the print represented a 35.7% gain over the USD 42.4 per barrel tallied on 13 January, when Cabinda oil recorded the lowest price since 2009.

While oil prices have been on a free fall since July of last year, a slight pickup was recorded in recent weeks. On 15 May, the price of Angola’s Cabinda oil reached USD 62.42 per barrel, which was 12.71% higher than on the same day of the previous month, but still 43.22% weaker than on the same day of the previous year. Nevertheless, a stronger U.S. dollar and anticipations that Iran will ship more oil in the already flooded market once a full deal is reached with the West continues 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 April, Angola’s oil production reached 1.75 million barrels per day (mbpd), which was an improvement over the 1.70 mbpd recorded in the previous month.

FocusEconomics Consensus Forecast panelists expect production to reach 9.6 million barrels per day this year. In 2016, the panel sees crude output to inch up to 9.7 barrels per day.

Author:, Senior Economist

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Angola Commodities Chart

Angola Commodity May 2015

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

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