Thursday 29 June 2017

Angola Leads Oil Production in Africa

Angola Leads Oil Production in Africa
(Angola Press(En) 11/08/16)

With its 1.7 million barrels of crude oil a day, well above Nigeria's 1.5 million, Angola stood in September this year, for seven running months, at the head of the African oil producing countries.

The information is contained in a report from the Organisation of Petroleum Producing and Exporting Countries (OPEC). The report states that Nigeria led the African ranking in 2016 with its 1.8 million barrels a day, against Angola's 1.7 million, but recorded a drop to 1.4 million in May this year, caused by terrorist attacks, armed groups and internal political instability. Angola is faced with an economic crisis since 2014, as a result of the fall in the oil price on the world market, dropped from more than Usd 100 a barrel in the first semester of that year to Usd 36, against 45 the Government expected to yield, in line with the 2016 State Budget predictions, which led the Government into amending the budget putting the barrel price at Usd 41. In August this year, according to a Finance Ministry's report, the Angolan Oil Company (Sonangol) secured 65 percent of Angolan State's revenues, through the export of crude oil, totalling Usd 467 million.

Facebook comments