Angola’s Finance Ministry said that the value of the country’s oil exports in May plunged by 48% month-on-month.
The cash from crude oil exports slumped to AOA225.3 billion (USD381.4 million) last month, down from AOA432.5 billion (USD729.6 million) in April as both output and prices fell.
Average prices shrank to USD18.24/barrel from USD29.60/barrel in May. The total crude exports nosedived by 40.96 million barrels, while in April the country shipped 44.59 million barrels of crude.
Production was cut as part of its participation in the Organization of the Petroleum Exporting Countries and its allies (OPEC+) output cut pact, as well as the country is hurt by the coronavirus-related lockdowns.
Angola is now seeking debt relief from G20 countries and is in talks with some importing countries on adjusting financing facilities.
