Angola exported 87.9 million barrels of crude oil in the first quarter of this year, valued at US$6.9 billion, 14.82 percent less compared to the previous period.
At a weighted price of USD 78.711 per barrel (BBL), exports fell 5.56 percent against the fourth quarter of 2022 and much more than the same period of the previous year, by 10.59 percent.
The data was presented Monday by the Ministry of Mineral Resources, Oil and Gas, during a ceremony chaired by its Secretary of State José Barroso.
The average price of the Angolan crude also saw a downward trend of 9.81 percent compared to the 4th quarter, and 23.49 percent year-on-year.
Given this scenario, the gross value fell from USD 8.124 billion in the 4th quarter of 2022 to USD 6.920 billion in the first quarter of 2023 on balance.
During the period under review, the average dated Brent crude was USD 81.170, with a variation of 8.67%.
The main branches traded were, Mustard (12.52%), Clov (10.24%), Sunflower (,8.84%), Nemba (8.58%) and Pazflor (8.53%).
Of the exported volume, 23.70% was by the National Concessionaire, the National Agency of Oil, Gas and Biofuels (ANPG), 16.82% by Sonangol.
On the international oil companies’ side, of the exported volume, 14.27% was by TotalEnergies, 9.91% by ESSO, 8.77% by BP, 7.50% by SSI, 7.43% by Cabgoc, Equinor and ENI with 5.68% and 3.29%, respectively.
China, one of Angola’s biggest creditors, continues to be the main destination of Angolan exports, with 50.26%, followed by the Netherlands (9.95%), India (7.85%) and Spain (6.76%).
The performance of Angolan crude was influenced by firm demand from western countries as a result of high refining margins due to the sanctions imposed on imports of products from Russia and a colder winter than expected in the US.
The reopening of China’s borders and the improvement of economic indicators at a global level impacted on the oil market in general and on Angolan crude in particular.
On the other hand, the non-emergence of the long-awaited demand from the West for Angolan crude resulting from the entry into force of sanctions on Russian oil, as well as the redirection of a large number of shipments from that Asian country to India and China, also negatively influenced the differentials of Angolan crude.
Source: Angola Press News Agency (APNA)
