Angola Earns U.S.$8.91 Billion From Oil Sales in the 2nd Quarter

Luanda — Angola earned US$8.91 billion from the export of 88.12 million barrels of crude oil in the second quarter of this year, the Secretary of State for Mineral Resources, Jaime Victor, revealed on Thursday in Luanda.

Speaking at a review meeting regarding crude oil and natural gas exports for that period, he noted a 24.59% increase compared to the previous quarter and a 54.71% rise compared to the second quarter of 2025, driven by higher prices on the international market.

According to the official, the export volume represents a 2.22% increase over the first quarter of 2026 and a 3.85% rise compared to the same period in 2025.

He indicated that Dated Brent crude recorded an average price of USD 103.849 per barrel during the second quarter of the current year, representing a 28% increase over the previous quarter and a rise of approximately 53% compared to the same period in 2025.

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The Secretary of State noted that China remained the primary destination for Angolan exports, accounting for 51.67% of the total, followed by India (12.20%), and Spain and Indonesia (5.45% and 5.08%, respectively).

Regarding natural gas, he reported that total exports amounted to approximately 1.52 million metric tons, with Liquefied Natural Gas (LNG) accounting for 87% of the total. Compared to the same quarter of 2025 and the previous quarter, there was an increase of 10.74% and 4.63%, respectively, in the volume of natural gas exported, the official noted.

He stated that the gross value corresponding to the exported volume was approximately US$1.25 billion, representing an increase of 37.52% compared to the previous quarter and 64.21% relative to the same period in 2025.

Jaime Victor highlighted that this increase stemmed primarily from the rise in gas prices on the international market.

It was reported that the LNG was exported primarily to Asia, with India accounting for 63.18%, Bangladesh for 20.386%, and Thailand for 10.86% of the total export volume.

It was noted that throughout the second quarter of this year, the price of Dated Brent on the international market followed a volatile trajectory, with a predominantly downward trend.

In its view, this behavior resulted from a combination of geopolitical, economic, and market factors that exerted varying effects on prices.

It was observed that the main factors exerting downward pressure on prices were related to improved supply outlooks, and noted that the announcement of a ceasefire between the United States and Iran, along with the virtual signing of a Memorandum of Understanding for a truce, temporarily eased fears regarding further disruptions to oil supplies from the Middle East. DC/DOJ

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