The price of Brent crude oil for October delivery opened this Wednesday at $71.68 per barrel, marking a 0.17% increase compared to the previous day.
This value exceeds the price projected in Angola’s 2025 State Budget (OGE), which estimated $70 per barrel.
In the second quarter of this year, Angola exported 82.92 million barrels of crude oil, generating approximately USD 5.6 billion (with 1 USD equivalent to 911 kwanzas) at an average price of $67.88 per barrel.
During this period, China was the main destination for Angolan oil exports, accounting for 55.81%, followed by Indonesia (9.27%), India (8.39%), the Netherlands (5.96%), and Spain (4%).
The Brent price, which serves as the benchmark for Angola’s oil exports, is used to determine the selling price of this commodity on international markets. It also serves as a reference for the oil industry and for OPEC’s decision-making.
Although Brent is extracted from the North Sea, oil production from Europe, Africa, and the Middle East tends to be priced in relation to Brent.
Source: Angop
