Angola Oil Export Revenue Climbs 10% to $7.16B in Q1 2026 as Higher Brent Prices Boost Earnings
Angola generated $7.16 billion from crude oil exports in the first quarter of 2026, representing a 10.18% increase compared to the same period in 2025, according to government data.
The figures were presented by Secretary of State for Oil and Gas José Barroso during a quarterly review of the country’s oil and gas sector performance.
Higher prices drive revenue growth
Barroso said the average Brent crude price during the period was $81.13 per barrel, up 27.3% from the previous quarter and 7.13% year-on-year. The increase in global oil prices was the main driver of higher export revenues.
Angola exported approximately 86.18 million barrels of crude oil during the quarter, generating the total revenue of $7.16 billion at an average realized price of $83.05 per barrel.
While export volumes declined by 9.14% compared to the previous quarter and 0.90% year-on-year, higher prices offset the reduction in output.
Key export markets and producers
China remained Angola’s largest oil buyer, accounting for 55.63% of total exports, followed by India (16.31%), Indonesia (5.75%), and France (4.17%).
State-linked entities played a major role in production, with Sonangol responsible for 20.14% of exports and the National Agency of Petroleum, Gas and Biofuels (ANPG) accounting for 18.85%.
Among international operators, Azule Energy led with 14.53%, followed by TotalEnergies (11.69%), Equinor (9.94%), ExxonMobil (9.04%), SSI (7.67%), and Cabgoc (5.76%).
Natural gas performance also rises
Angola exported about 1.45 million metric tons of natural gas in the same period, with liquefied natural gas (LNG) making up 85.51% of total volumes.
Gas export volumes increased 30.67% quarter-on-quarter but fell 15.22% compared to the first quarter of 2025. Despite this, revenue reached $920.58 million, up 11.29% from the previous quarter and 21.18% year-on-year, driven by stronger global gas prices.
LNG exports were mainly directed to Asia, with India accounting for 61.52% and Turkey 10.81% of total shipments.
Officials said Angola’s oil and gas revenues continue to be highly sensitive to global price movements, with recent gains largely reflecting stronger international commodity markets despite lower export volumes.
