Angola expected once again to export record amount of oil in May

5 April 2013

Angolan oil exports may total 1.83 million barrels per day in May of this year, which is similar to the record figure posted in August 2012, financial news agency Bloomberg reported.

According to the agency, Angola has already sold 56.74 million barrels of oil for May, which totals 1.83 million barrels per day, after contracted sales for April totalling 52.9 million barrels or 1.76 million barrels per day.

Half the oil contracted for export in May was sold to China, sales to which have been consistent over the last few months.

Angola is currently the second-largest oil producer in sub-Saharan Africa, after Nigeria, which produces an average of 2 million barrels per day.

Oil is Angola’s main export product and the oil sector accounts for 45 percent of the country’s Gross Domestic Product, 70 percent of tax revenues and 90 percent of exports. (macauhub)