Angola’s oil exports in March are highest since 2010

21 May 2013

Angola’s oil exports in March rose almost 10 percent to 1.74 million barrels per day against February, which was the highest amount since 2010, according to the Organization of Petroleum Exporting Countries (OPEC).

The rise in oil sales is expected to continue in April and May and may slow down in June, a month for which Angola has already signed contracts for 1.63 million barrels per day, according to projections from sector specialists cited by financial news agency Bloomberg.

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.

According to figures from OPEC, issued Monday, Saudi Arabia, Kuwait and Venezuela reduced their oil exports in March, whilst West African countries increased their exports.

The list is headed up by Saudi Arabia with 7.42 million barrels per day, a drop of 30,000 barrels against the average for February, whilst Venezuela’s exports fell to the lowest level in a year to 1.55 million barrels per day.

OPEC expects production to fall by 400,000 barrels per day compared to last year despite having increased its estimate by 100,000 barrels per day against its previous forecast, made in April. (macauhub)