The Angolan government announced that the country’s revenues from crude oil exports reached $6.2 billion in the third quarter of this year, marking a 22.24% decline compared to the same period in 2024, as Angola continues to face challenges linked to price volatility and falling production.
According to data from the Ministry of Mineral Resources, Petroleum and Gas, Angola exported about 91 million barrels of crude oil between July and September — a year-on-year drop of nearly 11%.
José Barroso, Secretary of State for Petroleum and Gas, explained that Brent crude prices followed a fluctuating downward trend during the period, averaging around $69 per barrel.
Despite the annual decline, Barroso noted that exports rose compared to the second quarter of 2025 by 7.19% in volume and 9.25% in revenues.
However, he emphasized that “geopolitical volatility and market shifts” have had a direct impact on the country’s oil industry.
The Angolan official warned that the global supply glut, particularly from Asia and Iran, could further pressure prices, but reaffirmed his country’s commitment to maintaining average production above one million barrels per day until 2030, despite the natural decline of older fields.
Barroso also linked fourth-quarter prospects to developments in Gaza and Ukraine, as well as to OPEC+ decisions, from which Angola withdrew its membership in 2024.
He stated, “Today supply exceeds demand, but things may change depending on political stability in the coming period.”
Data showed that China accounted for about 60% of Angola’s oil exports, followed by India (8.6%), Indonesia (7.6%), and Spain (4.1%).
As for natural gas exports, they totaled 1.6 million metric tons, mostly in the form of liquefied natural gas (LNG), generating around $901 million in revenue — primarily directed to Asian markets.