Angola generated $6.4 billion from oil sales in the first quarter of 2025, marking an 18% decline compared to the same period in 2024, according to the Secretary of State for Oil, José Barroso.
Speaking during the presentation of the oil sector’s Q1 performance and Q2 projections, Barroso revealed that Angola exported 85.1 million barrels of crude during the first quarter—a drop of 13.5% from Q4 2024 and 9.8% year-on-year.
Revenue from oil exports also fell 12.65% compared to the final quarter of last year.
China remained Angola’s primary oil buyer, accounting for 63.8% of exports, followed by India (10.29%), Indonesia (6.43%), Spain (3.40%), and Malaysia (3.22%).
In contrast to oil, natural gas exports saw growth. The country exported approximately 1.1 million metric tons of gas, with Liquefied Natural Gas (LNG) making up 86% of the total.
This represents a 19.27% year-on-year increase but a 5.5% decline compared to Q4 2024.
Gas exports brought in $758.7 million, a marginal 0.21% increase from the previous quarter and a significant 87.2% jump compared to Q1 2024.
The sharp revenue growth was attributed to rising gas prices in global markets.
Europe was the largest market for Angola’s LNG, receiving 92.66% of total exports. The Netherlands alone accounted for 42.9% of the volume.
Barroso noted that Brent crude prices followed a volatile downward trend during the quarter, influenced by weakening international demand. The average Brent price stood at $75.73 per barrel.
