The Angolan government has collected 2.8 billion kwanzas ($3.4 million) in oil revenue between January and June 2023, a drop by 2 billion kwanzas ($2.4 million) compared with a similar period in 2022.

In 2022, Angola exported 209.5 million barrels of crude oil at an average price of $99.40 per barrel, raising revenue totalling 4.2 billion kwanzas ($5.1 million).

On Monday, Angola said the decline in oil revenue has been as a result of a drop in the average price of a barrel and reduced export volumes.

According to taxation data published by Angola’s finance ministry, in the first half of 2023, the country exported 191.83 million barrels of crude oil at an average price of $78.35 per barrel.

In its national budget for the current financial year, Angola projects that the average cost of a barrel of crude oil will be $75 per barrel.