The average price of Angola’s Cabinda crude oil jumped from USD 71.9 per barrel (pb) in August to USD 79.5 pb in September. The result marked the first month-on-month increase after three consecutive months where the average monthly price fell—the longest spell of price decline in over two-and-a-half years. The print was 10.6% above the average price observed in the previous month and 39.8% higher in year-on-year terms.
Oil prices increased in September as analysts started to factor-in the growing possibility that China could surrender to U.S. pressure to cut oil imports from sanctions-hit Iran.
Crude oil production among OPEC countries rose to 32.85 million barrels per day (mbpd) in September, from August’s 32.56 mbpd, according to the cartel’s latest monthly oil report.
Oil production in Angola increased in September from the previous month’s 1.56 mbpd to 1.58 mbpd. Looking ahead, the oil price outlook remains broadly steady, as planned supply increases by OPEC and Russia should fill the gap left by other key producers, thus keeping crude oil prices in check in the coming months.
FocusEconomics Consensus Forecast panelists expect oil production to reach 1.81 million barrels per day (mbpd) in 2019. In 2020, the panel sees crude output increasing to 1.84 mbpd.