Angolan oil exports rise in January and February

19 May 2010

Luanda, Angola, 19 May – In the first two months of the year Angola exported 109.2 million barrels of oil, a year on year rise of 7.58 percent or 7.7 million barrels, Angolan newspaper O País reported from Luanda.

In the period, the average export price was in excess of US$75.5 per barrel, which was a rise of 76 percent against the US$42.75 seen in the first two months of 2009.

As a result of the rise in the price of exported oil per barrel there was a significant increase in revenues, to US$3.77 billion in January and February 2010, whilst in the same period of 209 that figure totalled US$1.562 billion.

If exports continue at a similar rate for the rest of the year, by the end of the year revenues will total US$22.626 billion, which is significantly more than in 2009 (US$17.251 billion), but still less than in 2008, a record year for oil prices (US$37.122 billion).

The average price of Angolan oil per barrel (US$74) in January was lower than the average benchmark OPEC price of oil per barrel for the first month of the year (US$76.01), although the price of Angola’s oil per barrel in February (US$77) exceeded the OPEC average (US$72.99). (macauhub)