Oil revenues in Angola rose 71.1% in the first half of the year, compared to the first six months of last year, despite production having increased by just 3.3%, according to consultancy Oxford Economics Africa.\
“Despite historically low levels of oil production, statistics from the Ministry of Finance continue to show a strong improvement in oil revenues, mainly due to higher prices”, write the analysts, noting that revenues reached 4.2 billion kwanzas. , in the first semester.
In a commentary on Angola’s oil production figures, analysts from Oxford Economics Africa estimate an increase in production this year, from 1.13 million barrels a day in 2021, to 1.18 million this year, but the forecast has a big impact. risk called China, the main buyer of Angolan oil.
“Although restrictions have eased in the largest Chinese cities in June, the risk of new outbreaks and confinements, which could limit Chinese demand for crude, remain high”, say the analysts, quoted today by Lusa noting that China is the buyer of 70% of the oil coming from Angola, which was bought at US$112.7 per barrel in June.
