Angola Reaches Highest Oil Revenue in 16 Months

Angola Reaches Highest Oil Revenue in 16 Months

Angola reported $950m in crude oil export revenues for January, the highest in 16 months, data from the country’s Finance Ministry showed. The country exported some 52.25m barrels last month, which is around 3.3mb/d more than in December, benefiting from higher demand from India, Oil Price reported.

Angola is currently selling crude oil at a standard price of $51 a barrel while last year the standard price was $44.2 a barrel, according to Prensa Latina.

The Angolan oil export operations to India reached up to 149,000 barrels in January, increasing 5 times compared to December 2016. In addition, Angola’s exports to China soared 63.5 % to 1.17mb/d, winning it second place, after Saudi Arabia and ahead of Russia.

Angola is committed to reduce its  crude oil output by 78,000 b/d in support of efforts to prop up international prices, following a November OPEC agreement. This means that its average daily output should decline to 1.67mb/d


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