Angola expects oil revenues to fall by 2 billion dollars
By the AFREEQUE newsroom, based on Expansão
Angola’s draft 2027 budget assumes an oil price of 71 dollars a barrel and production slightly above 1 million barrels per day, 44,800 fewer barrels per day. The decline could cut oil tax revenues by about 2 billion dollars, according to Expansão.
The Angolan government expects oil tax revenues to fall by about 2 billion dollars in 2027, due to lower production and a reduction in the benchmark oil price from 87.4 to 71 dollars. The projections are contained in the draft state budget for 2027, which the executive is due to present to the National Assembly on Friday 30 October, Expansão reports.
Oil production is expected to stand at slightly above 1 million barrels per day, compared with nearly 1.046 million in the 2026 macroeconomic reprogramming. The decrease would represent 16.4 million barrels over the whole of 2027. The government also anticipates a 3.8% contraction in oil GDP, offset by 7.2% growth in the non-oil sector, according to Expansão.
The draft budget projects real growth of 5.5%, nominal GDP of 164.117 trillion kwanzas and inflation of 7.3% at the end of the year. The average exchange rate is estimated at 936.7 kwanzas to the dollar, which would amount to a 2.6% depreciation of the Angolan currency, according to the financial newspaper.
The production forecast adopted for 2027 is lower than that in the 2026 budget, set at 1.050 million barrels per day. It comes as Angolan oil production stagnates at 1.029 million barrels per day, according to a figure published on 26 October.
