Ver Angola

Energy

Oil with the biggest drop in the last 30 years. Executive assesses consequences

The barrel of oil opened this Monday, in London, to 31.49 dollars. The figure represents a loss of around 28 percent over the last session (45 dollars) and the biggest slippage in the past 30 years.

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The fall in the price of a barrel of crude is directly influenced by several aspects, the most notable being the 'war' between two major producers: Russia and Saudi Arabia. The Russians refused another cut in oil production proposed by OPEC, which caused the Saudis to cut their selling prices and publicize plans for an increase in their production. Thus, Saudi Arabia will sell oil six to eight dollars cheaper per barrel, 'punishing' the Russian attitude.

Another of the contours invariably worrying and originating from this fall in the price of raw materials is Covid-19, an epidemic that has been affecting several countries and economies worldwide.

With the spread of the virus, China - the world's largest oil importer - saw a drop in purchases of around 20 percent, about three million barrels per day.

It should be remembered that Brent oil serves as a reference for Angolan exports. At this time, the amount set is 24 dollars below the benchmark proposed by the Executive in the State Budget 2020.

Taking into account this "crash" in the price of oil, the Debt Unit and the National Oil and Gas Agency will be monitoring the projections of Angolan sales, says Angop. The information will be collected from companies, on the ground, and then transmitted to the Executive.

“At my level, there are still no answers, but at the technical level, all assumptions, verses, impacts are being worked out so that we can, in the short term, have a clear vision and advise the Angolan executive on how to position itself in relation to the General Budget,” said Vera Daves, Minister of Finance.

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