Angola records low oil price and can pass budget review

The Angolan Government announced on Monday, January 28th, that it will have to revise the state budget if the price of oil continues to retreat and reaches margin below US $68. In the budget proposal, the African country forecasts a surplus of 1.5 of GDP this year.

The price of Brent oil opened down in the London futures market, reaching US $60.87, the equivalent of minus 1.17% that in the last session. The Angolan country’s revenue is directed 80% by the oil sector.

The government’s estimate is that the daily oil production this year is proportional to approximately 1,570,000 barrels and about 100,000 barrels of natural gas. OPEC and Russia signed an agreement in December 2018 to take 1.2 million barrels of crude oil daily from their productions to prevent oil prices from falling back.

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