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, as reported by the Secretary of State for Mineral Resources, Jaime Victor, during a review meeting in the capital city on Thursday. This figure marks a substantial 24.59% increase compared to the previous quarter and a notable 54.71% rise from the second quarter of 2025, attributed to higher international market prices.
According to Angola Press News Agency, the volume of oil exports saw a 2.22% increase over the first quarter of 2026 and a 3.85% rise compared to the same period in 2025. The average price of Dated Brent crude during this period was USD 103.849 per barrel, showing a 28% increase over the previous quarter and approximately 53% more than the same quarter in 2025.
China emerged as the primary destination for Angolan oil, accounting for 51.67% of the total exports, followed by India with 12.20%, and Spain and Indonesia with 5.45% and 5.08%, respectively. In terms of nat
ural gas, Angola exported approximately 1.52 million metric tons, with Liquefied Natural Gas (LNG) making up 87% of this total. This represented a 10.74% increase from the same quarter in 2025 and a 4.63% rise from the previous quarter.
The gross value of the exported natural gas reached approximately US$1.25 billion, reflecting a 37.52% increase from the previous quarter and a 64.21% rise compared to the same period in 2025. Jaime Victor attributed this growth primarily to the rise in international gas prices. Asia was the main market for Angolan LNG, with India, Bangladesh, and Thailand accounting for 63.18%, 20.386%, and 10.86% of the total export volume, respectively.
Throughout the second quarter, the price of Dated Brent on the international market displayed a volatile yet predominantly downward trajectory. This trend was influenced by various geopolitical, economic, and market factors. The announcement of a ceasefire between the United States and Iran, along with the signing of a Memorandum of Unders
tanding for a truce, temporarily alleviated concerns about potential disruptions to oil supplies from the Middle East, contributing to the improved supply outlooks.
