Angola Oil, Gas Export Earnings Jump on Higher Global Prices

Angola earned US$8.91 billion from exporting 88.12 million barrels of crude oil in the second quarter of 2026, as higher international prices lifted revenue despite mixed movements in the global oil market.

Secretary of State for Mineral Resources Jaime Victor disclosed the figures during a review of crude oil and natural gas exports.

The crude export value rose 24.59 per cent from the first quarter of 2026 and 54.71 per cent from the second quarter of 2025. Export volume also increased by 2.22 per cent quarter on quarter and 3.85 per cent year on year.

The increase in export income followed a period when international crude and gas prices traded above levels seen earlier in the year and during the same period in 2025.

Angola also recorded higher export volumes for both crude oil and natural gas, helping total earnings.

Although the international Brent market experienced price swings during the quarter, higher average prices supported export receipts.

The government also recorded stronger gas export earnings during the same period.

Higher prices lift export income

Victor said Dated Brent crude averaged US$103.849 per barrel during the second quarter. The average price was 28 per cent higher than in the previous quarter and about 53 per cent above the level recorded in the second quarter of 2025.

He said the increase in crude export earnings was mainly due to higher prices in the international market.

China retained its position as the biggest buyer of Angolan crude, taking 51.67 per cent of total exports. India followed with 12.20 per cent, while Spain accounted for 5.45 per cent and Indonesia 5.08 per cent.

Natural gas exports also recorded higher figures during the quarter. Total exports reached about 1.52 million metric tonnes, with Liquefied Natural Gas accounting for 87 per cent of the total volume.

Compared with the second quarter of 2025, gas export volume increased by 10.74 per cent. Compared with the first quarter of 2026, the volume rose by 4.63 per cent.

The gross value of exported natural gas reached about US$1.25 billion. That figure was 37.52 per cent higher than the previous quarter and 64.21 per cent above the value recorded in the same period last year.

Victor said the increase in gas earnings was mainly the result of higher international gas prices.

Asia dominates export destinations

Asia remained the biggest destination for Angola's LNG exports during the second quarter.

India received 63.18 per cent of all LNG shipments from Angola. Bangladesh accounted for 20.386 per cent, while Thailand received 10.86 per cent of total export volume.

The review meeting also examined developments in the international oil market during the period.

Officials noted that the price of Dated Brent followed a volatile path during the second quarter, although the overall direction was mostly downward.

They said geopolitical events, economic conditions and market developments influenced price movements during the period.

The report noted that improved expectations for oil supply placed downward pressure on prices. It also stated that the announcement of a ceasefire between the United States and Iran, together with the virtual signing of a Memorandum of Understanding for a truce, temporarily eased fears of further disruptions to oil supplies from the Middle East.

Even with those market conditions, Angola recorded higher export earnings from both crude oil and natural gas during the quarter, supported by stronger average international prices and modest increases in export volumes.