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Marine • 1 day 55.35 +0.90 +1.65% Murban • 1 day 55.48 +0.84 +1.54% Iran Heavy • 1 day 51.65 -1.24 -2.34% Basra Light • 1 day 57.39 +0.30 +0.53% Saharan Blend • 1 day 54.70 -0.08 -0.15% Bonny Light • 1 day 54.94 +0.03 +0.05% Bonny Light • 1 day 54.94 +0.03 +0.05% Girassol • 1 day 56.30 +0.15 +0.27% Opec Basket • 4 days 54.39 +0.55 +1.02% OPEC Members Monthly Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Louisiana Light • 4 days 54.44 +1.51 +2.85% Domestic Swt. @ Cushing • 1 day 48.75 +0.00 +0.00% Giddings • 1 day 42.50 +0.00 +0.00% ANS West Coast • 5 days 54.66 +0.31 +0.57% West Texas Sour • 1 day 46.20 +1.42 +3.17% Eagle Ford • 1 day 50.15 +1.42 +2.91% Eagle Ford • 1 day 50.15 +1.42 +2.91% Oklahoma Sweet • 1 day 48.75 +0.00 +0.00% Kansas Common • 4 days 42.50 +1.50 +3.66% Buena Vista • 4 days 58.13 +1.41 +2.49% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Finance the Economy the Markets Investing & Trading Reports Commodities Gold Silver Breaking News Premium Articles Community My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 52.84 +0.59 +1.13% Brent Crude • 10 mins 56.33 +0.67 +1.20% Natural Gas • 10 mins 2.862 +0.115 +4.19% Mars US • 15 hours 53.55 -0.04 -0.07% Opec Basket • 4 days 54.39 +0.55 +1.02% Urals • 20 days 42.22 +0.00 +0.00% Louisiana Light • 4 days 54.44 +1.51 +2.85% Louisiana Light • 4 days 54.44 +1.51 +2.85% Bonny Light • 1 day 54.94 +0.03 +0.05% Mexican Basket • 4 days 51.52 +1.29 +2.57% Natural Gas • 10 mins 2.862 +0.115 +4.19% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Marine • 1 day 55.35 +0.90 +1.65% Murban • 1 day 55.48 +0.84 +1.54% Iran Heavy • 1 day 51.65 -1.24 -2.34% Basra Light • 1 day 57.39 +0.30 +0.53% Saharan Blend • 1 day 54.70 -0.08 -0.15% Bonny Light • 1 day 54.94 +0.03 +0.05% Bonny Light • 1 day 54.94 +0.03 +0.05% Girassol • 1 day 56.30 +0.15 +0.27% Opec Basket • 4 days 54.39 +0.55 +1.02% OPEC Members Monthly Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 7 days 37.82 +0.75 +2.02% Western Canadian Select • 9 hours 39.25 +1.76 +4.69% Canadian Condensate • 9 hours 51.25 +0.01 +0.02% Premium Synthetic • 9 hours 52.65 +0.01 +0.02% Sweet Crude • 9 hours 46.95 +0.21 +0.45% Peace Sour • 9 hours 44.85 +0.21 +0.47% Peace Sour • 9 hours 44.85 +0.21 +0.47% Light Sour Blend • 9 hours 46.75 +0.21 +0.45% Syncrude Sweet Premium • 9 hours 48.25 +0.41 +0.86% Central Alberta • 9 hours 45.05 +0.21 +0.47% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Louisiana Light • 4 days 54.44 +1.51 +2.85% Domestic Swt. @ Cushing • 1 day 48.75 +0.00 +0.00% Giddings • 1 day 42.50 +0.00 +0.00% ANS West Coast • 5 days 54.66 +0.31 +0.57% West Texas Sour • 1 day 46.20 +1.42 +3.17% Eagle Ford • 1 day 50.15 +1.42 +2.91% Eagle Ford • 1 day 50.15 +1.42 +2.91% Oklahoma Sweet • 1 day 48.75 +0.00 +0.00% Kansas Common • 4 days 42.50 +1.50 +3.66% Buena Vista • 4 days 58.13 +1.41 +2.49% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Discussion Headlines 16 hours Tesla’s $25,000 Car May Hit The Market Sooner Than Planned 17 hours HSBC Shareholders Urge Bank To Cut Fossil Fuel Funding 18 hours Scientists ‘Microwave’ Coal Into Graphite 19 hours US Marks Houthi Rebels As Terrorists After Attacks On Oil Assets In Middle East 21 hours Iran: Foreign Oil Firms Must Accept New Terms To Work In Country 23 hours EV Maker Nio Partners With Nvidia To Create Self-Driving ‘Supercomputers’ 1 day Saudi Crown Prince Announces Zero Carbon Smart City 1 day Gas Prices In Spain Skyrocket Amid Cold Snap 4 days North Dakota To Pay Off Infrastructure Bonds With Oil Money 4 days U.S. Natural Gas Prices Hit Lowest In Decades In 2020 4 days Apple’s EV Partner Still Unknown Despite Hyundai Partnership Rumors 4 days Norway’s Oil Lobby Criticizes Government Plan To Triple Carbon Tax 4 days New Lockdowns Dash Hopes Of A Rapid Oil Demand Recovery In Europe 4 days Petrobras Oil Output Hits Record In 2020 5 days Saudi Surprise Cut Continues To Lift Oil Prices 5 days Floating Oil Storage Shrinks Amid Robust Asian Demand 5 days Alaska Arctic Refuge Oil Lease Sale Ends In Flop 5 days Albemarle To Double Nevada Lithium Production 5 days Iran Refuses To Negotiate Korean Fuel Tanker Release 5 days EV Makers To Benefit From California Stimulus Program 6 days Q4 2020 Saw Jump In Oil & Gas Dealmaking 6 days U.S. Banks Don’t Want To Be Forced To Lend Money To Oil & Gas 6 days Exxon Discloses Value-Chain Emissions 6 days Guards Block Oil Loading At Libyan Port 6 days Alaska Judge Rules In Favor Of Oil, Gas Drilling In Wildlife Refuge 7 days Oil Rally Unaffected By Major Product Builds 7 days These U.S. Oil States Are Holding Lease Sales In January 7 days Investment In Canada’s Oil Industry Set To Grow 12% In 2021 7 days Somalian Opposition Suspects Government Will Sign Secret Oil Deals 7 days South Korea Sends Military Forces To Strait Of Hormuz After Tanker Seizure 7 days Trump Administration Finalizes Alaska Oil Drilling Plan 8 days Venezuela’s 2020 Oil Exports Plunged To The Lowest Level In 77 Years 8 days Russia’s Annual Oil Production Drops For The First Time Since 2008 8 days Natural Gas Prices Jump On Cold Weather Forecast 8 days Tesla Hit Target Of 500,000 Vehicle Deliveries In 2020 8 days Gold Rallies Into The New Year 8 days Iraq Seals Much-Needed $2 Billion Oil Deal With China 8 days Oil Highly Volatile During OPEC+ Meeting 8 days Iran Seizes South Korea-Flagged Oil Tanker In Persian Gulf 12 days Possible Mine Found On Oil Tanker Off Iraq 2 minutes U.S. Presidential Elections Status – Electoral Votes 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova 7 minutes Moderna Vaccine vs Pfizer “Vaccine” . Is Moderna much better ? 8 hours Evidence is evidence, voter fraud by state 8 mins a In 2020, we produced and delivered half a million cars. 44 mins Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell 11 hours Tonight Twitter took down Trump’s personal account permanently. Trump responded on the POTUS account. 9 mins The World Economic Forum & DavosSetting the agenda on fossil fuels, global regulations, etc. 7 hours BIG TECH or BIG BROTHER?? 1984 to Become Reality ?? 14 hours Fast Car Charge Costs More Than Gas (?) 22 hours Trump Supporters Just Handed a Huge Propaganda Victory to China 1 day 530,000 potential off river pump storage sites identified across the globe 21 hours Should People Be Prosecuted for Trespassing on Federal Property? 8 hours Look at Stocks and Energy Prices Rise 19 hours United States LNG Exports Reach Third Place Breaking News: IMF Approves Loan To Struggling OPEC Producer Angola

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Share Facebook Twitter Google + Linkedin Reddit Related News Saudi Crown Prince Announces Zero Carbon Smart City Gas Prices In Spain Skyrocket Amid Cold Snap North Dakota To Pay Off Infrastructure Bonds With Oil Money U.S. Natural Gas Prices Hit Lowest In Decades In 2020 Apple’s EV Partner Still Unknown Despite Hyundai Partnership Rumors IMF Approves Loan To Struggling OPEC Producer Angola By Irina Slav – Jan 12, 2021, 9:30 AM CST Africa’s second-largest oil exporter Angola has received approval from the International Monetary Fund for a disbursement of over $480 million under a $3.7-billion loan agreement as it continues to struggle with low oil prices and weak exports.

Reuters quoted the international lender as praising for its “robust” response to the twin challenge of low oil prices and the coronavirus pandemic, noting that the Angolan authorities “remain resolutely committed to the program.”

The West African country last year unveiled a new investment strategy aiming to ramp up its oil production, despite the pandemic, seeking to tap as much as 57 billion barrels in undiscovered oil reserves.

Angola’s oil production has been declining since 2008, when it hit a peak of close to 2 million bpd. Last year’s average production rate has been forecast at 1.28 million bpd, set to decline further due to the natural depletion of the country’s oilfields.

This will drop to barely over 500,000 bpd unless new discoveries are made, for which Angola needs investments from foreign industry players.

Yet investments will be hard to come by as the oil industry shrank its exploration—and production—budgets in response to the pandemic, which sent oil prices spiraling down.

Benchmarks have improved in recent weeks on the back of optimistic vaccine data and a declaration by Saudi Arabia that will unilaterally implement an additional 1-million-bpd reduction in its crude oil production. However, for a country as dependent on its oil revenues as Angola is, this is not enough in the face of naturally declining production.

Clearly aware of this, the Angolan government has pledged to boost non-oil revenues, which was one reason why the IMF approved the next tranche for the country.

“The authorities achieved strong fiscal adjustment in 2020. Their 2021 budget consolidates the non-oil revenue gains and expenditure restraint of the 2020 budget, while protecting priority health and social spending,” Antoinette Sayeh, IMF Deputy Managing Director, said.

By Irina Slav for Oilprice.com

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