Angolan crude output steadies in July

Latest reading: Brent crude oil prices averaged USD 69.56 per barrel in July, 0.4% lower than in June. On 31 July, the commodity traded at USD 72.58 per barrel, up 7.3% from 30 June. On the production front, Angolan oil output stabilized in July at June’s 1.00 million barrels per day (mbpd), underperforming the 1.07 mbpd expected by the national oil firm ANPG. Production remained well below the 2015–2024 average of 1.39 mbpd.

Outlook: Since the start of the year, our Consensus for Angola’s 2025 oil output has fallen by about 40,000 bpd. Output is expected to inch down from 2024’s average and stay below its past-decade average through at least 2029. Ongoing structural issues, such as maturing oilfields, will weigh on the sector. That said, Angola has recently begun production at two offshore projects, adding a combined output of 60,000 bpd and softening the decline. Weaker-than-expected global demand caused by heightened trade turmoil is a downside risk.

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.

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