A Review of the Nigerian Energy Industry

Angola oil production averages 1.6 million barrels per day

21 September 2014, Luanda — The daily average production of oil barrels in the country stands at 1.6 million, at a time the international crude oil market records a price of around USD 98.0 (about 9.800 kwanza).

This was said on Friday to the press at the end of the meeting of the Commission for Real Economy of the Cabinet Council by the Oil Minister José Maria Botelho de Vasconcelos.

Angola's Oil Minister, José Maria Botelho de Vasconcelos.The minister said that the downward trend in the price of the country’s main product of importing country has been happening since August of this year.

“There is actually this trend, but we know that the market records in recent months, basically since August, a negative reversal in price”, he stressed.

He noted that projections indicate that by December the price per barrel at the international market will remain at around USD 98.

The State Budget (OGE) for the year 2013 projected an average price per barrel of crude oil of USD 96.00 in 2013, higher than USD 77.0 assumed in the proposed state budget in 2012.
*Angola press

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