"A series of actions have been taken that have been stabilizing the progress of the decline, so if they have been following it, there is no decline today that brings production levels below about one million barrels / day", said today the chairman of the executive committee of Sonangol's Trading Shipping Business Unit, Luís Manuel.
Speaking to journalists, on the sidelines of the ceremony to present the results of oil exports in the second quarter of 2023, the official said that oil production "has been stationary for some time".
"Therefore, we should not say at this moment that it is a decline that has been in proportion, for example, to the variation in the price of Brent and that it impacts on the results that we have been reporting", he underlined.
For Luís Manuel, the volumes exported by Angola and the average price of crude oil on the international market are the most relevant factors in relation to the result that the country has been achieving.
"Our production has been stable and without sharp declines, lately we have been around a million or so [barrels per day]", he insisted.
Angola exported a total of 94 million barrels of oil in the second quarter of 2023, valued at a weighted average price of US$76, and raised US$7.1 billion.
Data referring to the achievements of Angolan exports of crude oil and gas for the second quarter of 2023 were presented this Tuesday by the Ministry of Mineral Resources, Oil and Gas.
According to the ministry, the volume of crude oil exported represents an increase of 6.71 percent compared to the previous quarter and a decrease of 9.47 percent compared to the same quarter.
Commenting on the aforementioned figures for oil exports, the chairman of the executive committee of Sonangol's Trading Shipping Business Unit considered that the increase in exports compared to the first quarter does not translate into greater cash inflows.
"What defines the result from a monetary point of view, the gross value, is the average price recorded in the second quarter, which was about 3 dollars lower than the average price of crude oil recorded in the first quarter", concluded Luís Manuel.
Angola is the second largest oil producer in sub-Saharan Africa, after Nigeria.
