Angola generated approximately $8.1 billion from exporting 102.1 million barrels of oil in the third quarter of this year, the government announced last week.
Alexandre Garrett, director of the Planning and Statistics Office of the Ministry of Mineral Resources, Oil, and Gas, reported a 5.42% rise in export volume from the previous quarter and a 2.01% increase compared to the same period in 2023.
“Although export volumes rose, this increase was not reflected in price trends or gross revenue,” Garrett noted, adding that oil prices dropped 5.25% from the previous quarter and 7.93% year-on-year.
The gross revenue also saw a slight dip of 0.11% compared to Q2 and a 6.08% drop from last year.
Opening the preliminary assessment of crude oil and gas exports, Secretary of State for Oil and Gas Jose Barroso highlighted the volatility in Brent crude prices, which fell from around $89 in July to about $70 by the end of the quarter, averaging $80 overall—a decline of $5 compared to Q2.
Barroso attributed these price fluctuations to socio-political factors, notably the situation in the Middle East.
China was Angola’s largest crude oil customer, accounting for 44.31% of exports, followed by Indonesia (6.74%), India (6.60%), Brazil (5.67%), Spain (4.87%), and France (4.71%).
China’s share dipped from 57.03% in the previous quarter due to portfolio diversification and a slowdown in China’s economic activity, impacting demand for Angolan oil.
Oil production for September reached just over 33 million barrels, marking the lowest monthly output since April.
“Despite this, production overall in 2024 has been relatively higher than in previous years, though subject to periodic declines due to scheduled activities,” Barroso explained.
In the gas sector, Angola exported 1.3 million metric tons, primarily liquefied natural gas (LNG), which accounted for 81.15% of total gas exports and generated around $777.8 million.
This represents a 29.82% increase over the same period last year, driven by higher global gas prices and strong demand from India, which accounted for 74.8% of Angola’s LNG exports.
