Oxford Economics today revised upwards its forecast for the growth of Angola’s economy, now anticipating an expansion of 2.9 per cent this year, due to the rise in oil production to 1.17 million barrels per day.
‘The recovery in oil production is influencing this year’s economic growth, which we are revising upwards, from 2.3 per cent to 2.9 per cent,’ wrote the analysts from the African department of this British consultancy.
In a commentary on the latest figures for oil production in Angola, the second largest producer in sub-Saharan Africa, sent to clients and to which Lusa had access, Oxford Economics writes that the oil wells coming on stream later this year will increase production.
‘We forecast that oil production will increase by 3.2 per cent to 1.13 million barrels per day in 2023 and 1.17 million barrels per day in 2024, and that production will remain stable at 1.17 million in 2025,’ the analysts write.
Angola produced 34.8 million barrels of oil in June and collected 714.38 billion kwanzas (751 million euros) in this period, a reduction of 20 per cent compared to the previous month, according to official figures.
According to data from the Department of Public Finance Statistics of the Angolan Ministry of Finance, a barrel of oil in June was traded at 81.30 dollars compared to 87.69 dollars the previous month.
According to Angola’s National Oil, Gas and Biofuels Agency (ANPG), the national concessionaire, oil production for the month of June totalled 34,869,388 barrels, corresponding to a daily average of 1.162 million barrels against 1.121 million forecast.
Lusa
