Angola on Track for Predicted Oil Sales in 2021

As global oil markets continue to recover from COVID-19, the Angolan oil and gas industry has already achieved half of its targeted oil revenues, as set forth by the national state budget for 2021, according to official reports published by Angola’s Ministry of Finance.

Measured against a $39-barrel price, the national state budget anticipates oil revenues of 4.06 billion Kwanzas (approximately $6.19 million) in 2021. In the previous six months, the country has raised 2.4 billion Kwanzas (approximately $3.7 million) through the sale of 210.1 million barrels of oil, with an average barrel price of $68.48.

Globally, the price of oil is continuing to stabilize, reaching just over $70 per barrel (WTI) as of July 21 – an increase that will be pivotal for the local economies of oil-dependent countries like Angola.

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Source: EnergyCapitalReport

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