Angola's Crude Oil Export Revenues Down 30 Pct In Q1

Mohammad Ali (@ChaudhryMAli88) Published April 25, 2023 | 06:59 PM

Angola exported 87.92 million barrels of crude oil, generating 6.92 billion U.S. dollars in revenues in the first quarter of 2023, according to Secretary of State for Petroleum and Gas Jose Alexandre Barroso

LUANDA, (UrduPoint / Pakistan Point News - 25th Apr, 2023 ) --:Angola exported 87.92 million barrels of crude oil, generating 6.92 billion U.S. dollars in revenues in the first quarter of 2023, according to Secretary of State for Petroleum and Gas Jose Alexandre Barroso.

Compared to the same period last year, there was roughly a 30 percent drop in export revenues. In the first quarter of 2022, Angola exported 98.38 million barrels, generating 10.14 billion U.S. dollars, according to data from the petroleum and gas ministry.

China remains the leading destination for Angolan exports, accounting for over 50 percent of the total quota in the first quarter, followed by the Netherlands (9.

95 percent), India (7.85 percent), and Spain (6.76 percent).

Barroso cited the slowdown in the global economy, expectations of central bank interest rate hikes, and the relative decrease in demand for fuels as some of the factors that influenced Brent prices. However, the recovery of the Chinese economy was cited among the factors that favorably influenced price recovery.