Brent crude oil began yesterday’s session on the London futures exchange with a slight increase, opening at $79.71 per barrel, up from $79.66 at the close of last Friday’s session. During the day’s trading, the price climbed to $80.45 per barrel.
This upward trend suggests a positive week ahead, driven by strong global demand and ongoing geopolitical uncertainties that continue to influence oil prices.
Although Brent is trading below the $100 mark predicted a few months ago, it remains significantly above the critical $50 threshold.
Over the past 30 days, Brent prices have fluctuated between a high of $85 and a low of $76 per barrel. In its 2024 budget, Angola set a reference price of $65 per barrel, ensuring that national revenue projections remain stable. The government aims to maintain oil production above 1.1 million barrels per day.
Industry experts indicate that 37% of Angola’s oil revenues flow to the state, 41% are allocated to recovering investments, and 22% constitute profits for oil companies.
Angola will host the Angola Oil & Gas (AOG) 2024 conference in October, which will focus on the country’s energy sector.
