Angola's oil output to drop

Production is set to fall to 1.3 million barrels per day

02 June 2020 | Energy

Oil production in Angola will fall to 1.3 million barrels per day due to the cancellation or postponement of investments planned for this year, Banco de Fomento Angola said in a report last week.

From January to April this year, crude exports were stabilised at -0,2% when compared with the same period last year, the commercial bank said. The big difference, the report said, lies in the value of exports, which fell by half in the first few months of the year.

The average export price fell to 29.6 US dollars per barrel, or 55% less than in April 2019, because of the Covid-19 outbreak, it said. "With the decline in price, revenues fell by 53.5% when compared to the same period last year, to 1.32 billion US dollars," the report added.

Angola's foreign exchange revenue from the oil sector also dropped by around 27% in the first quarter of this year, the governor of the National Bank of Angola said last week. Jose de Lima Massano said the fall is consistent with the current situation of the world's oil market.

He noted that 95% of the country's foreign exchange revenue comes from the oil sector.

On the same day Angolan president Joao Lourenco called for increased domestic production to counter the impact of Covid-19 on the country's economy and the fight of unemployment.

The Angolan head of state, who was speaking at the meeting with representatives of the civil society, said the strategy aims to increase the level of employment and family income.

Lourenco also considered fundamental the concentration of knowledge and experience in accelerating the implementation of the national production, export diversification and import substitution programme, which aims, among other aspects, to boost the national economy.

The Angolan president stressed the need to work towards food self-sufficiency through the production of basic goods of greater consumption, adding that incentives should be given to businessmen and women who invest in local production.

"For them, let the remaining barriers be removed, so that they have priority to access credit and foreign exchange to import the machinery and raw materials they need," the president said.

NAMPA/XINHUA

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