Angola Oil

Angolan oil production eases in June

Latest reading: Brent crude oil prices averaged USD 84.49 per barrel in June, down 18.6% from May. On 30 June, the commodity traded at USD 72.94 per barrel, down 20.7% from 29 May. Turning to production, Angolan oil output ticked down to 1.04 million barrels per day (mbpd) in June from May’s 1.06 mbpd; exceeding the 1.03 mbpd expected by national oil firm ANPG but undershooting the 2016–2025 average of 1.31 mbpd.

Outlook: Angola's crude output should top 2025 levels in 2026 and keep climbing gradually through 2029, on the back of new project start-ups, regulatory reforms and fresh investment from major international operators—Azule Energy's USD 5.1 billion Greater PAJ offshore project, ongoing expansion by TotalEnergies and Shell, and the Cabinda refinery's May launch; the latter will strengthen downstream capacity. Still, the underlying picture is tougher: Aging fields, costly maintenance and delayed projects are driving a long-term decline in output, and falling export revenue reveals how exposed Angola remains to oil-price swings—though a stronger price environment could unlock more investment and growth.

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Download one of our sample reports to visualize what a Consensus Forecast is and see our Angolan oil projections.

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