Angola Earns $8.91 Billion From Oil Sales in Second Quarter
Angola generated US$8.91 billion from crude oil exports during the second quarter of the year, according to figures released by the country’s Secretary of State for Mineral Resources, Jaime Victor, in Luanda.
Speaking on Thursday, the secretary said the revenue came from the sale of 88.12 million barrels of crude, as reported by AllAfrica, citing the Angolan state news agency ANGOP. The figures underline the continued central role of petroleum in Angola’s external earnings.
Oil remains the backbone of Angola’s economy
Angola is one of Africa’s largest crude oil producers and a member of the Organisation of the Petroleum Exporting Countries. Hydrocarbons have historically accounted for the bulk of the country’s export revenue and a significant share of government income, making the sector’s quarterly performance a key indicator of national economic health.
Luanda has, in recent years, sought to reduce its dependence on oil by investing in agriculture, mining and renewable energy, but petroleum revenues continue to dominate the country’s trade balance. Quarterly figures from the Ministry of Mineral Resources are closely watched by investors and international lenders assessing Angola’s fiscal trajectory.
The latest disclosure adds to a series of quarterly updates from Angolan officials outlining the volume and value of the country’s hydrocarbon exports, and is likely to feed into upcoming budget planning in Luanda.
Sources
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