In the bustling first quarter of 2024, Angola saw a significant shift in its oil industry, exporting 94.4 million barrels of crude oil.
This marked an 8.43% decrease from the previous quarter but showcased an 11.93% year-over-year increase. Despite fluctuations, the nation amassed $7.7 billion in revenue.
Jose Barroso, Angola’s State Secretary for Petroleum and Gas, reported these figures with a keen eye on global dynamics.
China continued as the top consumer of Angolan oil, purchasing almost half of the exports.
Other key markets included India, Spain, Indonesia, France, and the United States. The average sale price stood firm at $83.16 per barrel.
The drop in oil revenues by 10% from the last quarter of 2023 did not overshadow the strategic contributions of local and international players.
The National Agency for Petroleum and Gas led export contributions at 26.66%, followed by state-run Sonangol at 15.78%.
On the international front, Azule Energy and TotalEnergies significantly impacted the market, holding 16.25% and 11.68% of exports, respectively.
Barroso’s overview extended beyond oil to gas exports, which totaled 966,000 metric tons.
Liquefied natural gas (LNG) made up over three-quarters of this volume, generating $393.6 million.
Although there was a minor increase in gas exports, revenue saw a sharp decline of 37.48% due to softer international prices.
As Angola navigated these turbulent waters, its resilience shone through.
The nation’s ability to adapt to global market shifts while maintaining robust export figures highlighted its strategic importance on the world stage.
This period not only tested Angola’s economic fortitude but also underscored its critical role in the global energy landscape.