Angola’s oil exports fell 48% in May from April, to 225 billion kwanzas, according to data from the Ministry of Finance cited by international news agencies.
The value of oil exports went from 432.5 billion kwanzas (644 million euros) in April to 225.3 billion kwanzas (338 million euros) in May, proving the significant decline in economic activity only in Angola, but also in the countries that buy crude.
The fall in revenue also accompanied the decline in production, with exports falling to 40.9 million barrels in May, compared to 44.6 million in April, while the average price of a barrel fell from $ 29.60 in April to 18.24 in May.
The sharp drop in oil revenue, the country’s main source of revenue, deepened an already existing economic crisis and led the Government to join the G20 Debt Service Suspension Initiative (DSSI) and announce that it is in talks with client countries to adjust the payment modalities of the public debt, which is expected to exceed 100% of GDP this year, according to the consensus of analysts.
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