Angola earned $6.2 billion (€5.3 billion) from crude oil exports in the third quarter of this year, a 22.24% decrease compared to the same period in 2024, the government announced on Thursday.
According to data released by the Ministry of Mineral Resources, Petroleum and Gas, the country exported around 91 million barrels of crude oil, representing a 10.91% drop compared to the third quarter of 2024.
In his opening remarks, the Secretary of State for Petroleum and Gas, José Barroso, noted that between July and September this year, Brent prices on the international market showed a volatile trajectory with a downward trend.
Barroso highlighted that, compared to the second quarter of 2025, there was an increase in export volume (7.19%) and in revenues (9.25%).
Speaking to the press, Barroso said that the last quarter was marked by geopolitical and market challenges that affected Angola’s oil industry, particularly the sales price.
“As we saw in the third quarter, unfortunately, prices continued to decline — the average dated price was about $69 per barrel, lower than in the previous quarter. But overall, things are moving forward,” he stated.
The Secretary of State admitted that lower prices would impact government revenues for this year but expressed optimism that certain developments, such as potential peace agreements between Israel and Hamas, could bring about market stability.
“Unfortunately, there are large oil stocks, and we now have increased access to Asian oil, from Iran and other countries. This could further push prices down. However, in terms of national production, we remain aligned with our goal of maintaining an average output of over one million barrels per day,” Barroso emphasized.
Looking ahead to the fourth quarter, Barroso said it was essential to “understand what will really happen in Gaza, in Ukraine, and what decisions OPEC+ — the group of 23 oil-producing countries from which Angola withdrew in 2024 — will make, as it has recently decided to increase production levels.”
“We believe that supply currently exceeds demand, but things could change. Everything depends on political stability in the coming months,” he added.
Barroso stressed that declining production remains the main challenge for Angola’s oil industry, as output continues to fall due to the maturity of oil fields. Nonetheless, the government is launching new projects to offset the losses.
“Unfortunately, it’s not always possible to replace lost output with an equal volume of new oil, but there’s a balance. Our goal is to stay above one million barrels per day. There was one month when production fell below that, but it was expected due to maintenance operations at some facilities,” he explained.
“We are working to maintain this production level until 2027–2030. Depending on the results of ongoing exploration activities, we may or may not sustain this level beyond that,” he added.
In the third quarter, September recorded the lowest export volume, with 28.5 million barrels of crude oil, and the lowest revenue, at $1.9 billion (€1.6 billion).
China remained Angola’s main export destination, accounting for 59.63% of crude oil exports, followed by India (8.59%), Indonesia (7.61%), and Spain (4.13%).
Regarding natural gas, Angola exported around 1.6 million metric tons, mainly Liquefied Natural Gas (LNG), which represented 88.62% of total gas exports, generating $900.7 million (€776.3 million) — the majority shipped to Asia.
Source: Lusa
