Angolan Oil Exports Increased in the Last Quarter of 2023

Source: 1/25/2024, Location: Africa

Angolan oil transactions on the international market reached a volume of around 103 thousand and 100 barrels of Crude Oil, valued at 8.6 billion USD, which represents an increase of 3 percent compared to the previous quarter and an increase 11 percent compared to the same quarter of 2022.

The data is part of the balance guided by the Secretary of State for Oil and Gas, José Barroso, this Tuesday, January 24th, with contributions from the National Agency for Petroleum, Gas and Biofuels (ANPG), which is the entity that plays the role of National Concessionaire, Regulator and Supervisor, as well as contributions from the state operator Sonangol EP

As for natural gas, exports were around 1 million metric tons, valued at 650,874,336 US Dollars.

“Although gas exports carried out in the quarter in question showed a decrease in relation to the previous quarter of around 16.22 percent, the value resulting from commercialization proved to be higher by around 5 percent, as a result of the increase in gas prices. gas”, revealed Secretary of State for Oil and Gas, José Barroso.

The price of Brent crude oil was marked by volatility at the end of 2023, varying between a maximum of 95 and a minimum of 73.55 US Dollars, a decreasing variation that, however, did not affect the growth trend in Angolan crude oil exports. , especially for Asia and Europe.

“The dated Brent price on the international market had a positive behavior influenced by several factors, with emphasis on the OPEC+ production cuts and also Saudi Arabia's decision to cut production by around 1 million barrels per day, which resulted in reducing the supply of international crude oil. Likewise, the increase in demand for crude oil in China and the summer in Europe and the United States contributed favorably to the increase in prices during this period”, said the official.

Of the bulk of the volume of gas exported, LNG represented 78 percent in 2023, with India as the destination for 54.48 percent of the product. China was the main destination for Angolan crude oil exports, with 52.2 percent.

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