Angola’s tax revenues from oil see drop of US$5 billion in first quarter

13 July 2009

Luanda, Angola, 13 July – The tax revenues from oil exports from Angola saw a drop of over US$5 billion in the first quarter as compared with the same period of 2008, according to official figures from Angola’s Finance Ministry.

The figures from the ministry showed that in the first three months of the year crude oil exports averaged 1.69 million barrels per day, which is a drop of around 143,000 barrels per day against the same period of last year.

In its turn, the average market price per barrel of oil in the period was US$41.24, which was much lower than in 2008, with the price factor further affecting tax revenues.

The fall in oil revenues has led to less foreign currency going into Angola and this has been reflected in the fall of the price of the kwanza (Angola’s currency) against the US dollar and a tighter grip on transfers of foreign currency out of the country.

Finance Minister, Severim de Morais told newspaper, O País last week that he was convinced that “as of August that matter (restrictions on currency transfers) will be resolved.” (macauhub)