Angola’s State-owned oil company Sonangol has announced that it generated USD 2.8 billion in the first quarter of 2019, with the sale of 45.1 million barrels of oil at the average price of USD 63,131.

The data were released by the company’s chairperson of Executive Committee for International Marketing, Luis Manuel, who cited a revenue decline of USD 211.2 million compared to the same period of 2018.

He said that the firm collected USD 3.38 billion with the sale of 45.1 million barrels in 2018.

Data provided in a forum on the performance of the first quarter of 2019, attributed the decrease to the difference in the average sales price influenced by the average Brent price (reference oil for Angola), which was at USD 60,171.

With 12 destinations, compared to 10 in the fourth quarter of 2018, China remains the main destination of the Angola with 55.87% against 72.28% (2018), followed by India with 15.70% against 10.23 %.

Spain (7.5%) against 2.16 %, South Africa (2.05%), US (1.96%), South Korea (1.95%), while, France, Italy, Israel and Uruguay, with less than two percent.

Source: ANGOP