Luanda – Angola´s crude oil exports, in the third quarter of this year, generated gross revenues of USD 10.2 billion, as a result of the sale of 100.4 million barrels at an average price of USD 101.6 per barrel.
The volume exported represents a decrease of 3.35% compared to the second quarter of this year and an increase of 1.77% compared to the same period in 2021.
These figures were presented today (Tuesday) by the director of the Office for Planning Studies and Statistics (GEPE) of the Ministry of Mineral Resources Oil and Gas. At the time, the manager explained that the gross revenue calculated at USD 10.2 billion is not tax revenue.
As regards the price of Angolan crude oil and dated Brent, during the quarter under review, they showed a downward trend and the quarterly average was USD 101.6 per barrel, while the dated Brent average was USD 100.8 per barrel.
The term “Dated Brent” refers to physical cargoes of crude oil in the North Sea, which have been assigned specific delivery dates. Each dated cargo of crude oil is often traded more than once as it is delivered to refineries where crude oil is turned into products such as petrol, diesel, jet fuel and much more.
Regarding the average price of crude, there was a decrease of 10.73% compared to the second quarter of 2022 and an increase of 38.46% compared to the same period of 2021.
According to Mirempet´s GEPE director, positive factors such as expectations around possible production cuts by OPEC+ countries and the easing of restrictions on Covid-19 in China which eased concerns about demand, influenced the prices.
The decision of the European Union to reduce in 90% the imports of Russian crude oil until the end of the year and the interruptions of the recorded production in the USA due to the Hurricane Ian effects that increased the concerns on the market supply, establishes positive factors that influenced the prices.
Negatively, the prices were also influenced by the concerns related to the new confinement measures in China, fears of a global economic recession which will affect the search of crude oil, particularly in the United States of America (USA) and in Europe, the return of Libyan production to the market, the fall in expectations for growth in world demand and the appreciation of the US dollar and the high levels of inflation that affected demand.
Exports by companies and main destinations
From the 100.4 million barrels of oil exported, 27.11% belongs to the National Agency of Oil and Gas (ANPG) and 14.29% to Sonangol, both national institutions. International companies include TotalEnergies with 14.43%, ESSO 8.26%, SSI 7.46%, BP 6.78%, Equinor with 6.64%, ENI with 6.63% and Cabgoc 5.55%.
Regarding crude oil exports, the main ones were Mostrada (11.20%), Dalia (11.14%), Clov (10.74%), Nemba (9.48%) and Pazflor (7.58%).
In this domain, the highest average export price was 107.3 dollars per barrel recorded in the Olombendo branch, while the lowest was 98.3 dollars per barrel for the Sangos branch.
The main export destinations were China with 45.37%, India with 9.66%, France with 9.45%, Canada with 6.84 and Spain with 6.73%.
According to the standard characteristics of intermediate crude, heavy crude and light crude, Angola has nine types of crude quoted internationally, namely Cabinda Blend, Dahlia, Girassol, Hungo, Kissanje Blend, Kuito, Nemba, Palanca blend and Xicomba.
Angola currently has an oil production estimated at 1.1 million barrels per day. The government's expectations are to increase and not allow the current level of production to fall.
