Angola Commodities

Angola

Angola: Oil prices pick up in April

April 23, 2015

In March, the average price of Angola’s Cabinda oil fell 2.4% over the previous month, reaching USD 52.08 per barrel. The reading notably contrasted the 22.6% increase recorded in the previous month. In annual terms, the average oil price recorded a 50.9% drop, which followed the 48.9% decline tallied in February and marked the 10th consecutive fall in annual prices. That said, the print represented a 37.7% 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 20 April, the price of Angola’s Cabinda oil reached USD 58.36 per barrel, which was 11.65% higher than in the same day of the previous month, but 47.30% weaker than in 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.

Angola’s oil production reached 1.76 million barrels per day (mbpd) in March, which was an improvement over the 1.75 mbpd recorded in the previous month.

FocusEconomics Consensus Forecast panelists expect oil 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

Sample Report

Looking for forecasts related to Commodities in Angola? Download a sample report now.

Download

Angola Commodities Chart


Angola Commodity April 2015 0

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


Angola Economic News

More news

Search form