Angola loses US$5 billion in oil sales in 2014

21 January 2015

Oil exports in 2014 provided Angola with income of around US$27.5 billion, a drop of US$5 billion compared to 2013, due to the decline in the international price of oil, according to the Ministry of Finance.

In the 12 months of 2014, Angola exported 599.1 million barrels of oil, a figure that compares with 629.2 million the previous year, which provided over 3,353 billion kwanza (US$32.5 billion at the current exchange rate) in tax revenue.

However, between January and December 2014, according to the same data, Angola earned 2.842 billion kwanza (US$27.5 billion) from the sale of oil abroad.

In addition to the drop in production, mainly in the first half, the decrease in revenue is also explained by the downturn in the international price of oil.

In September 2013 the oil exported by Angola cost over US$110 per barrel, a price that has fallen since last summer to around US$50.

These developments in the international market led the Angolan government to review some goals for 2015 in the next State Budget (OGE), which outlines a budget deficit of 7.6 percent of Gross Domestic Product (GDP), despite economic growth of 9.7 percent. (macauhub/AO)