Angolan oil exports down by 5.3 million barrels of oil in Q3
Angola exported 116.4 million barrels of oil during the third quarter of 2019, down by 5.3 million barrels from the second quarter, at an average price of US$62.8 a barrel, according to a report presented in Luanda.
The report on the sector’s performance from July to September also said that compared to the same period of 2018, the drop in exports was 15.3 million barrels.
Revenues from oil exports in the period under review amounted to US$7.3 billion, with the main markets for the Angolan oil being China and India, with shares of 61% and 12%, respectively.
Figures released by the Organization of Petroleum Exporting Countries (OPEC) indicate that Angola produced an average of 1.394 million barrels per day in the third quarter of 2019, which compares with an average of 1.420 million barrels per day in the second quarter and 1.443 million barrels per day in the first quarter.
The monthly oil market report for October 2019 confirms, moreover, that Angola’s oil production has been falling over the years, from 1.634 million barrels a day in 2017, to 1.505 million barrels a day in 2018 and is expected to end 2019 with an average of 1.4 million barrels per day.