Angola: Oil exports generate €6.56B in Q1 – government

Oil giant Sonangol and its partners exported around 119.79 million barrels in the first quarter of 2019, generating gross revenue of $7.55 billion (€6.56 billion), a government source said on Tuesday.

According to the ministry of mineral resources and petroleum, out of that total volume, Sonangol exported 45 million barrels, an increase of only 9,000 barrels compared to the last quarter of 2018, and raised $2.8 billion (€2.43 billion), $221 million (€192 million) less than the fourth quarter of 2018.

The data was presented in Luanda by the ministry and Sonangol and authorities explained that the exports were assessed at a weighted average price of $63.058/barrel.

In comparison to the fourth quarter of 2018, there was a decrease in the amount exported of 8.83 barrels and compared to the first quarter of 2018, there was a reduction of around 10.29 million barrels.

The chairman of Sonangol’s executive board for international trade (SONACI), Luís Manuel, said the drop in the gross value raised compared to the last quarter of 2018 “was due mainly to the difference in the average price registered in sales influenced by average Brent prices – the price reference for Angolan exports”.

“The average price of sales was around 60 dollars/barrel when, in the fourth quarter [of 2018] it was around 67 dollars, with a marked difference of seven dollars. Brent saw a very high difference and that had an impact on gross sales value,” Manuel said.

Angola has faced falling crude prices in the past years, which has affected the country’s economy.

However, since president João Lourenço took office the government has been pushing ahead with reforms aimed at boosting production.