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Oxford Economics: oil production in Angola rises two percent to 1.12 million barrels per day this year

Consultancy Oxford Economics forecasts that oil production in Angola will increase by 2 percent, to 1.12 million barrels per day, helping to ensure an acceleration in GDP growth to 2.4 percent this year.

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"We forecast that oil production in Angola will increase slightly by 2 percent, from 1.1 million barrels per day in 2023, to 1.12 million barrels this year, despite there being several risks," analysts write in latest update of macroeconomic projections for this Portuguese-speaking country.

The drop recorded last year, of 3.6 percent, "is mainly due to the planned maintenance works in the Dalia field, operated by TotalEnergies", consider the analysts in the comment, sent to investors and to which Lusa had access.

Oxford Economics' Africa department forecasts that revenues from oil exports last year fell 27.1 percent to 34.6 billion dollars, a drop explained by high oil values in 2022 following the effects of pandemic and the invasion of Ukraine by Russia, in February 2022.

"However, for this year we forecast a slight increase of 1.3 percent, to 35.1 billion dollars, with real GDP growing from 0.8 percent in 2023 to 2.4 percent in 2024, due to the moderate recovery in oil production and continued growth in the non-oil economy", the analysts add.

Analysts' forecasts come the week after the Government of Angola presented provisional data regarding last year's oil revenues, which pointed to a drop of 21.3 percent compared to 2022 due to the reduction in price and production.

The preliminary results of Angola's oil revenues were presented on the 24th by the Angolan Secretary of State for Oil and Gas, José Barroso, and show that Angola exported 386.42 million barrels of crude oil in 2023, at an average price 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 US dollars".

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


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