Ver Angola


Oil revenues fall more than 20 percent in 2023

Angola's oil revenues fell 21.3 percent in 2023 compared to the same period last year, reflecting the drop in the average price of a barrel and a slight decrease in production, according to data released this Wednesday.


The preliminary results of Angola's oil production were presented this Wednesday by the Secretary of State for Oil and Gas, José Barroso, and show that Angola exported 386.42 million barrels of crude oil in 2023, at the price average of 81.3 dollars per barrel, having raised 31.4 billion dollars.

In the previous year, the country had exported approximately 391.92 million barrels of crude oil, sold at an average price of 101 dollars per barrel, totaling a gross value of approximately 39.9 billion dollars".

China, which absorbed around 57 percent of Angolan oil exports, once again became the main destination for Angolan oil in 2023.

As for the last quarter of 2023, 103.1 million barrels of oil valued at approximately 8.63 billion dollars were exported in this period.

According to José Barroso, the extension of production cuts defined by Saudi Arabia and Russia until the end of 2023, the armed conflicts between Israel and Hamas and between Russia and Ukraine contributed to the downward trend in oil prices.

More than one million metric tons of gas were also exported in the last three months of 2023, a volume that corresponded to a gross value of 650.87 million dollars.

The official noted that although gas exports carried out in the quarter under analysis represented a decrease in relation to the previous quarter, the value resulting from commercialization proved to be higher by around 5.05 percent "as a result of the increase in gas prices in the international market".

At least 4.56 thousand metric tons of gas were exported by Angola in 2023, representing an increase of 6.68 percent compared to 2022.

India was the main destination for Angolan gas in 2023, with around 54.48 percent of total gas exported.


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