Angola’s oil tax revenues reached 975.88 billion kwanzas in January, a 25.35% increase from the 779 billion collected in December, according to the Ministry of Finance.
This growth was driven by gas tax payments, which contributed 148.64 billion kwanzas, alongside increases in concessionaire revenues and petroleum production tax, which rose by 24.78% and 26.86% to 570.56 billion kwanzas and 43.70 billion kwanzas, respectively.
Despite this revenue boost, oil exports and the average price per barrel declined by 0.26% and 1.01%, respectively, reaching 34.95 million barrels at an average price of $73 per barrel.
The lowest monthly revenue in recent months was recorded in November, at 614 billion kwanzas.
According to the National Bank of Angola (BNA), the country’s export revenues increased by 2.8% in Q3 2024, reaching $9.4 million, up from $9.2 million in the previous quarter.
This rise was attributed to a $213.1 million increase in gas export revenues and a $9.4 million rise in refined product exports.
However, the global decline in crude oil prices led to an $8.8 million drop in export revenues.
For the full year 2024, Angola’s oil revenues totaled 9.2 trillion kwanzas, marking a 28.67% increase from the previous year, largely due to the depreciation of the national currency against the US dollar.
