Luanda - Angola exported around 102.1 million barrels of crude oil in the third quarter of 2024, valued at 8.1 billion US dollars, representing a 5.42% increase compared to the previous quarter.
The information was disclosed Thursday in Luanda by the Secretary of State for Oil and Gas advisor, Gaspar Sermão, adding that in relation to the same quarter in 2023 there was an increase of 2.01%.
Gaspar Sermão made the statement during the presentation of the oil market's achievements for the third quarter and analysis of the outlook for the last three months of 2024, adding that Brent recorded an average price of 80.338 dollars per barrel in the period in question.
China was the main destination for Angolan crude oil exports in the last three months, with 46.22%, while the other destinations were Indonesia, with 6.74%, India (6.60%), Brazil (5.67%), Spain and France, with 4.87% and 4.71%, respectively.
As regards to gas, Sermão said the exports totaled roughly 1.3 million metric tons of Liquefied Natural Gas (LNG) accounting for 81.15%.
The official added that the volume exported corresponds to a gross value of approximately 777.8 million US dollars, representing an increase of 24.28% compared to the previous three months.
According to the consultant, in terms of gross value there has been an increase of around 37.73% compared to the last quarter and around 29.82% compared to the same period in 2023.
He added that this growth was the result of the increase in the volume exported, as well as the rise in gas prices on the international market, where LNG was mostly exported to India (around 74.8%).
The Secretary of State for Oil and Gas, José Barroso, on his turn, explained that the decrease in the volume exported to China, compared to the previous quarter, was due to the diversification of the portfolio, lower demand, as well as the low level of economic activity in this Asian country.
“We've seen that, in general, this year we've had relatively higher production than in previous years, especially when compared to 2023. We've had periods of high production, but unfortunately we've also had periods of low production,” he said, noting that average production is normalizing.
Average price of Angolan oil down 5.25%
On the occasion, the director of the Planning and Statistics Studies Office (GEPE) of the Ministry of Mineral Resources, Oil and Gas (Mirempet), Alexandre Garret, said the average price of Angolan crude has fallen by 5.25% compared to the 2nd quarter of 2024 and by 7.93% compared to the same period in 2023.
Gross value fell by 0.11% over the same period, a decrease of 6.08% compared to the same period last year.
Of the volume exported, 26.73% belongs to the National Oil and Gas Agency (ANPG) and 15.54% to Sonangol.HM/VC/AMP
