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Angola Oil

Angola Oil

Oil Production in Angola

The economy registered an average oil production of 1.49 million barrels per day in the decade to 2022. In 2022, oil production was 1.14 million barrels per day.

Angola Oil Chart

Note: This chart displays Oil Production (mn barrels per day, aop) for Angola from 2013 to 2022.
Source: OPEC.

Angola Oil Data

2018 2019 2020 2021 2022
Oil Production (mn barrels per day, aop) 1.51 1.40 1.26 1.12 1.14
Brent Oil Price (USD per barrel, aop) 71.6 64.1 43.3 70.9 98.8

Angolan oil output rises in October

Brent Crude Oil averaged USD 88.95 per barrel in October, down 4.0% from September’s price. On 31 October, the commodity traded at USD 87.54 per barrel, 8.2% lower than on the same day of the previous month. The decline was chiefly driven by a selloff in early October amid concerns surrounding the health of the global economy. Prices regained some ground following the onset of the Israel-Hamas conflict. Turning to production, Angolan oil output rose to 1.17 million barrels per day (mbpd) in October, the highest level since June 2022, from 1.12 mbpd in September. In other news, in mid-October, the national oil and gas regulator penned an agreement with ExxonMobil and the national oil firm to boost petroleum exploration in the area.

Angola’s oil production is seen unchanged in 2024 relative to this year and well below the 10-year average of 1.49 mbpd. Maturing fields are set to weigh on crude output growth.

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 4 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.

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