June 11, 2020 / 12:50 PM / a month ago

Angola's oil export value plunges 48% in May: finance ministry

LAGOS (Reuters) - The value of Angola’s oil exports fell by just under 48% in May from April, figures released by the finance ministry showed.

The resource-dependent country’s much-needed cash from crude fell to 225.3 billion kwanza ($381.4 million) in May, down from 432.5 billion kwanza in April.

Both output and prices slid, with total exports falling to 40.96 million barrels in May, down from 44.59 million barrels in April, while average prices dropped to $18.24 per barrel, from $29.60 per barrel.

Angola has cut its oil production as part of a deal with the Organization of the Petroleum Exporting Countries and other producers, such as Russia. Benchmark prices, which have since regained some ground, were also battered by lockdowns aimed at stemming the spread of the new coronavirus.[O/R]

The steep decline in revenue has led it to seek debt relief from G20 nations and is in talks with some countries importing its oil on adjusting financing facilities.

Reporting By Libby George; editing by David Evans

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