Angolan oil exports on the way to being highest for the year

20 August 2009

Luanda, Angola, 20 Aug – Angolan oil exports are expected to total 1.903 million barrels per day in October, which will be the highest amount for the year, above the quota set by the Organisation of Petroleum Exporting Countries (OPEC) of 1.9 million barrels per day, according to news agency Bloomberg.

The agency added that the preliminary programmes of the large oil companies operating in Angola pointed to a total of 59.1 million barrels in October, or a daily average of 1.903 million barrels.

This is the highest level since December 2008, when OPEC implemented successive production cuts to contain the fall in oil prices on the international market.

In September, exports totalled a daily average of 1.854 million barrels.

The most optimistic estimates for the Angolan oil sector have led analysts that follow the country’s economy to increase their growth projections, setting aside the scenario of a deep recession expected at the beginning of the year.

Last week the World Bank changed its estimate of negative 1.9 percent growth to flat growth, of zero percent, Ricardo Gazel, the World Bank’s chief economist in Angola told Portuguese news agency Lusa.

The recovery of the Angolan oil sector also led Portuguese bank BPI to review its projections for Angolan GDP in 2009, to -2.0 percent, whilst the Angolan government expects growth of 6.1 percent. (macauhub)