The barrel of Brent, a reference to Angolan exports, closed the week at 90.15 dollars, and given the favorable market conditions, it is expected that it will rise to higher levels throughout the sessions that resume today on the stock exchanges.
Market details show that, over the last 52 weeks, the order price per barrel has varied between $71.28 and $97.69 for 1,000-barrel contracts.
Deliveries for June, in turn, last Friday, were being carried out on the basis of negotiations ranging between 90.01 and 92.18 dollars, respectively.
Angola, with more than 90 percent of its revenues and exports based on oil, set a value of 65 dollars in its General State Budget for this year (a document that sets out the State’s revenues and expenses in a given fiscal year).
At this moment, according to a graphical reading of market indicators, the average price, between March 14th and April 14th, stood at 87.94 dollars.
The variation is positive at 7.64 percent if one considers the minimum of $83.98 and the high of $92.18.
Still, it is worth noting that in the period of one month, prices were above 90 dollars for only five days. In another 16 sessions, it always traded at 80 dollars.
Calculations by the Economy editorial team estimate that if a barrel remains above 90 dollars, during all deliveries for June, this will be the month with the highest sales.
As previously mentioned, at this moment, the difference between Angola’s forecast, the OGE (65 USD) and the market price (90 USD) gives a positive difference of USD 25.
If one considers the daily production forecast of 1.1 million of barrels, there is an additional entry of 27.5 million dollars/day.
All these positive variations will also be reflected in the stability of International Reserves (currently around 14.5 billion dollars).
You can read reactions from experts and developments with tensions in the Middle East in this week’s editions.
