Oil Production in Angola
The economy registered an average oil production of 1.49 million barrels per day in the decade to 2022. In 2022, oil production was 1.14 million barrels per day.
Angola Oil Chart
Note: This chart displays Oil Production (mn barrels per day, aop) for Angola from 2020 to 2019.
Source: Macrobond.
Angola Oil Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Oil Production (mn barrels per day, aop) | 1.42 | 1.24 | 1.11 | 1.15 | 1.10 |
Brent Oil Price (USD per barrel, aop) | 64.1 | 43.3 | 70.9 | 98.8 | 82.0 |
Angolan oil output rises in May
Brent crude oil prices averaged USD 83.05 per barrel in May, down 6.7% from April. On 31 May, the commodity traded at USD 81.80 per barrel, down 7.0% from 30 April. Easing tensions between Iran and Israel pushed down prices. On the production front, Angolan oil output rose to 1.13 million barrels per day (mbpd) in May from 1.07 mbpd in April. May’s reading was in line with the national oil firm ANPG’s expectations.
Analysts at the EIU commented on the outlook: “Angola's Hydrocarbons Exploration Strategy will boost the oil sector by providing tax incentives for investment and exploration. […] This will be boosted by the signing of investment agreements with the EU, which will restore the investor confidence necessary to shore up oil production.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Angolan oil projections for the next ten years from a panel of 4 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable oil forecast available for Angolan oil.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Angolan oil projections.
Want to get access to the full dataset of Angolan oil forecasts? Send an email to info@focus-economics.com.
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