Angola's oil output to drop to 1.3 million barrels per day: report

0 Comment(s)Print E-mail Xinhua, May 27, 2020
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LUANDA, May 27 (Xinhua) -- Oil production in Angola will fall to 1.3 million barrels per day due to the cancellation or postponement of investments planned for this year, Banco de Fomento Angola said in a report on Tuesday.

From January to April this year, crude exports were stabilized at -0.2 percent when compared with the same period last year, the commercial bank said.

The big difference, the report said, lies in the value of exports, which fell by half in the first few months of the year.

The average export price fell to 29.6 U.S. dollars per barrel, or 55 percent less than in April 2019, because of the COVID-19 outbreak, it said.

"With the decline in price, revenues fell by 53.5 percent compared to the same period last year, to 1.32 billion U.S. dollars," the report added. Enditem

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