Latest reading: Brent crude oil prices averaged USD 103.84 per barrel in May, up 1.0% from April. On 29 May,...
Oil Production in Angola
The economy recorded average oil production of 1.42 million barrels per day in the decade to 2024. In 2024, oil production was 1.13 million barrels per day.
Angola Oil Chart
Note: This chart displays Oil Production (mn barrels per day, aop) for Angola from 2013 to 2025.
Source: Macrobond.
Angola Oil Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Oil Production (mn barrels per day, aop) | 1.11 | 1.15 | 1.10 | 1.13 | 1.03 |
| Brent Oil Price (USD per barrel, aop) | 70.9 | 98.8 | 82.0 | 79.7 | 68.0 |
Angolan oil production rises for a fourth consecutive month
Latest reading: Brent crude oil prices averaged USD 103.84 per barrel in May, up 1.0% from April. On 29 May, the commodity traded at USD 92.03 per barrel, down 19.4% from 30 April. Turning to production, Angolan oil output ticked up to 1.06 million barrels per day (mbpd) in May from April’s 1.03 mbpd; in line with the 1.06 mbpd expected by national oil firm ANPG but undershooting the 2016–2025 average of 1.31 mbpd.
Outlook: Angola's crude output is expected to exceed last year’s level in 2026, before rising gradually through 2029, driven by new project start-ups, regulatory reforms and renewed investment from major international operators. Recent developments include Azule Energy’s USD 5.1 billion Greater PAJ offshore project, alongside continued expansion plans by TotalEnergies and Shell, while the launch of the Cabinda refinery in May will strengthen downstream capacity. However, structural challenges remain, with aging fields, high maintenance costs and project delays weighing on production. Lower oil export revenues also underscore Angola’s exposure to price volatility, although stronger global oil prices could encourage further investment and output expansion.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Angolan oil projections for the next ten years from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable oil forecast available for Angolan oil.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Angolan oil projections.
Want to get access to the full dataset of Angolan oil forecasts? Send an email to info@focus-economics.com.
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