Angola's Oil Export Revenue Drops By 18 Pct In Q1

2025-04-24 07:28:58

(MENAFN- The Peninsula) Xinhua

Luanda: Angola generated 6.4 billion U.S. dollars in crude oil export revenue during the first quarter of 2025, marking an 18 percent year-on-year decline, Secretary of State for Oil and Gas Jose Barroso said on Thursday.

According to Barroso, Angola exported 85.14 million barrels during the period, recording a 13.5 percent reduction from the previous quarter and a 9.8 percent drop year-on-year. China remained the top destination for Angolan crude, followed by India, Indonesia, Spain, and Malaysia.

Barroso attributed the decline in revenue to a volatile Brent crude price during the first three months of the year, with a general downward trend driven by weaker global demand, tariff measures, and market expectations of further interest rate hikes by the US Federal Reserve.

Oil exports remain the backbone of Angola's public finances.

A recent article republished by local media outlet Angola24Horas warned that trade tensions sparked by U.S. President Donald Trump "strike at the heart of Angola," contributing to an economic slowdown, weaker oil demand, and falling prices.

Currently, international crude prices have fallen below the 70-dollar-per-barrel benchmark on which Angola's 2025 national budget was based.

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