The government announced that in the second quarter of 2023, Angola exported 94 million barrels of oil at a weighted average price of $76 (€68) and raised $7.1 billion (€6.5 billion).
According to the Ministry of Mineral Resources, Oil and Gas of Angola (Mirempet), which released data on the realization of Angolan exports of crude oil and gas for the second quarter of 2023 on Tuesday, the volume of exported crude oil represents an increase of 6.71% compared to the previous quarter and a decrease of 9.47% compared to the same quarter.
Director of the Research, Planning and Statistics Cabinet (GEPE) of the ministry, Alexander Garreto, pointed out that prices in Angolan branches tended to decrease in April, May and June of this year.
The quarterly average for Angolan was $76.1/bbl, while the average for legacy Brent was $78/bbl.
On the international market, the official pointed to unfavorable macroeconomic sentiment, the difficulties of China’s exit from the post-COVID situation, signs of a slowdown in economic growth in the United States of America due to the policy of the Central Bank, as factors that contributed to lower prices, the official pointed to unfavorable macroeconomic sentiment.
On the other hand, among the factors that led to the rise in prices are the announcement of a production cut by OPEC (Organization of the Petroleum Exporting Countries), a voluntary production cut of 1.6 million barrels per day in April and an increase in fuel demand.
China was the main recipient of Angolan crude oil in the second quarter with a share of 64.25%, followed by India (6.20%), Brazil (4.25%) and Spain with 4.05%.
In terms of LNG (liquefied natural gas), LPG (propane gas) and condensate, 1,124,592 metric tons were exported during this period, worth $542.3 million (€488 million).
Compared to the same quarter in 2022, says Mirempet, the volume of exports increased by 18.94%, while compared to the previous quarter there was a decrease of 2%.
The main LNG export destinations were the Netherlands (23.30%), France (15.48%) and Germany (15.38%).
Angolan butane gas during this period was destined only for China (100%), propane for Puerto Rico (13.87%) and China (9.62%), and the destination of the condensate is “not yet determined”.
Author: Portuguese
Source: CM Jornal
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