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Angola: Q1 2023 oil exports of $6.92B, 30% drop in value YoY
8:05 CAT | 26 Apr 2023
File photo: Lusa
Angola exported 87.92 million barrels of oil for a total of US$6.92billion(6.27 billion euros) in the first quarter of 2023, which represents a 30% year on year decline.
The balance sheet for crude oil and natural gas exports was presented on Monday in Luanda by the secretary of state for oil and gas, José Alexandre Barroso, pointing to the evolution of the Brent price in the first three months of this year.
The dated Brent (the price of crude oil to be delivered in the short term on the international market) posted an average price of US$81.17 (73.65 euros) per barrel, and 87.92 million barrels of crude oil worth US$6.92 billion were exported, with China as the main destination (over 50 percent).
In the first quarter of 2022, according to figures from the ministry for mineral resources, oil and gas consulted by Lusa, Angola exported 98.38 million barrels of oil at an average price of US$103.83 (94.2 euros), generating revenues of US$10.14 billion (9.19 billion euros).
The slowdown in the global economy and expectations of interest rate hikes by central banks and relatively lower demand for fuel were some of the factors influencing the price of dated Brent, according to the secretary of state.
On the other hand, the recovery of the Chinese economy and the decrease in production in Russia and the interruption of production in Iraq have favourably influenced the recovery of prices in this period.
As for gas, exports reached 1.11 million metric tons worth $948 million (€892 million).
“It should be noted that gas exports made in the quarter under review represented an increase of 3.61% when compared to the previous quarter, although the value resulting from the sale of these volumes was 36.58% lower compared to the first quarter, as a result of lower gas prices on the international market,” noted Barroso.
Source: Lusa
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