Oxford Economics has revised its growth forecast for Angola’s economy, now projecting a 2.9% expansion this year, driven by an increase in oil production to 1.17 million barrels per day.
Analysts from the African department of the British consultancy highlighted that the recovery in oil production is the key factor behind this upward revision, up from the previously anticipated 2.3% growth.
In their analysis of Angola’s oil production data, which was shared with clients and obtained by Lusa, Oxford Economics noted that new oil wells expected to come online later this year will boost production levels.
The consultancy forecasts that oil production will increase by 3.2%, reaching 1.13 million barrels per day in 2023 and 1.17 million barrels per day in 2024. Production is expected to stabilize at this level through 2025.
In June, Angola produced 34.8 million barrels of oil, generating 714.38 billion kwanzas in revenue. However, this marks a 20% decrease compared to the previous month, according to official data.
The Ministry of Finance’s Public Finance Statistics Department reported that the average price of a barrel of oil in June was $81.30, down from $87.69 in the previous month.
According to the National Oil, Gas, and Biofuels Agency (ANPG), Angola’s national concessionaire, oil production in June reached 34,869,388 barrels, with a daily average of 1.162 million barrels, exceeding the predicted 1.121 million barrels per day.
