Angolan oil output rises in May

Brent crude oil prices averaged USD 83.05 per barrel in May, down 6.7% from April. On 31 May, the commodity traded at USD 81.80 per barrel, down 7.0% from 30 April. Easing tensions between Iran and Israel pushed down prices. On the production front, Angolan oil output rose to 1.13 million barrels per day (mbpd) in May from 1.07 mbpd in April. May’s reading was in line with the national oil firm ANPG’s expectations.

Analysts at the EIU commented on the outlook: “Angola's Hydrocarbons Exploration Strategy will boost the oil sector by providing tax incentives for investment and exploration. […] This will be boosted by the signing of investment agreements with the EU, which will restore the investor confidence necessary to shore up oil production.”

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