The Angolan government announces a decrease in oil revenues by a third economy

The Angolan government announced that the country’s revenues from crude oil exports amounted to $6.2 billion in the third quarter of this year, recording a 22.24% decrease compared to the same period in 2024, at a time when Angola continues to face challenges related to price fluctuations and declining production.

According to data from the Ministry of Mineral Resources, Oil and Gas, Angola exported about 91 million barrels of crude oil between July and September, a decrease of nearly 11% year-on-year.

The Minister of State for Oil and Gas Affairs, Jose Barroso, explained that Brent crude prices witnessed a volatile path during the period with a tendency to decline, as the average price reached about $69 per barrel.

Despite the annual decline, Barroso indicated that exports increased compared to the second quarter of 2025 by 7.19% in terms of volume, and 9.25% in terms of revenues.

But he pointed out that “geopolitical fluctuations and market changes” directly affected the country’s oil industry.

Global market challenges

The Angolan official warned that the abundance of global supply, especially from Asia and Iran, may put further pressure on prices, but stressed his country’s commitment to maintaining an average production of more than one million barrels per day until 2030, despite the natural decline in old fields.

Barroso also linked the prospects for the fourth quarter to developments in the situation in Gaza and Ukraine, in addition to the decisions of the OPEC Plus alliance, from which Angola removed its membership in 2024.

He said, “Today, supply is greater than demand, but things may change depending on political stability in the next stage.”

The data showed that China accounted for about 60% of Angolan oil exports, followed by India (8.6%), Indonesia (7.6%), and Spain (4.1%).

As for natural gas exports, they amounted to 1.6 million metric tons, most of them liquefied natural gas, with revenues approaching $901 million, and were mainly directed to Asian markets.