Angola’s oil revenues fell 21.3% in 2023 compared to the same period in 2022, reflecting the drop in the average price of a barrel and a slight decrease in production, according to figures released on Wednesday January 24.
The preliminary results of Angola’s oil production were released this Wednesday 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 (74.7 euros) per barrel, and earned 31.4 billion dollars (28.8 billion euros).
In the previous year, the country had exported approximately 391.92 million barrels of crude oil, sold at an average price of 101 dollars [93 euros] per barrel, amounting to a gross value of around 39.9 billion US dollars [36.8 billion euros at the exchange rate at the time]”,
China, which absorbed around 57% of Angola’s oil exports, once again became the main destination for Angola’s oil in 2023.
In the last quarter of 2023, 103.1 million barrels of oil were exported, valued at approximately 8.63 billion dollars (7.9 billion euros). According to José Barroso, the extension of the 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 have all contributed to the downward trend in oil prices.