Oil exports from Angola fall again in March

21 May 2014

Angola’s oil exports fell once again in March to the lowest level in the last three years, according to a report from Portuguese bank BPI on African economies, published on the bank’s website.

BPI cited Angola’s Finance Ministry as saying that Angola had exported 45.6 million barrels of oil in March, compared to 48.2 million in February and 55.7 million – the peak of exports – in April 2013.

As well as this, the report said, oil prices had stagnated leading to a 19 percent drop in state revenues from exporting crude oil against March 2013, although in monthly terms they rose by 9.5 percent.

“Taking into account Angola’s dependence on oil sales and investment (which itself is dependent on oil revenues), a downturn in production of this raw material is a risk to growth,” noted the bank’s report. (macauhub/AO)