Luanda – The volume of exported gas and condensates, in the third quarter of this year, reached over 1 million metric tons, representing an increase of 12.14% over the previous quarter.
According to the statistics presented today by the Director of the Office for Studies, Planning and Statistics of the Ministry of Mineral Resources, Oil and Gas (Mirempet), with the volume of the exported gas and condensate, it was collected USD 2.1 billion.
During the period under analysis, 825,21 metric tons of liquefied natural gas (LNG) at an average price of USD 2.4 million, plus 38,06 metric tons of butane gas at average price of USD 507.465, and130,42 metric tons of propane at average price of USD 496,368, as well as 66,066 metric tons at average price of USD 560,425, were sold.
Regarding the LNG export destinations, Netherlands with 41.53%, India with 25.68% and Spain with 24.46% were the main buyers.
The main destination of butane gas was China with 99.07% and the Democratic Republic of Congo (DCR) with 0,93%, and the same countries are the ones that imported more propane gas.
Belgium was the main destination regarding the import of the condensate with 33.77%.
Different factors contributed to the decrease of the exports and the price of gas, among which the expectations related to the eventual production cuts by the OPEP+ countries and the easing of the covid-19 restriction measures in China, which alleviated the concerns about demand.
The decision of the European Union to reduce by 90% the imports of Russian crude oil until the end of the year and the interruptions of the recorded production in the USA due to the Hurricane Ian effects that increased the concerns on the market supply, establishing positive factors that influenced the prices.
The prices were also influenced by the concerns related to the new confinement measures in China, fears of a global economic recession which will affect the search of crude oil, particularly in the United States of America (USA) and in Europe, the return of Libyan production in the market, the fall in expectations for growth in world demand and the appreciation of the US dollar and the high levels of inflation that affected demand.
The Asian and European markets were the top destinations of imports of Angolan gas and crude oil.
In general, the prices of gas and oil during the quarter in question had a decreasing trend.
Source: Angola Press News Agency