Luanda - Tax revenues from the oil sector reached 3.5 billion kwanzas in May, that being roughly half of the 6.1 billion foreseen in the 2022 General State Budget (OGE).
The rise in the price of a barrel of oil in the international market continues to influence the Angolan state’s accounts.
The 2022 OGE foresees a 1.6 percent growth in the oil sector based on a production forecast of 1.1 million barrels with a price benchmark estimated at 59 dollars per barrel.
According to the data released in May, from the Special Taxation Directorate (DTE), published on the Ministry of Finance's website, the value of 3.5 billion kwanzas is the result of the export of 172. 3 million barrels of oil at an average price of 96.87 US dollars.
The Republic of Angola is a member of the Organization of Petroleum Exporting Countries (OPEC) and its production quota increased from 1.450 million to 1.502 million barrels per day in July, following the agreement reached at the 29th meeting of ministers of the organisation held in Vienna, Austria, through videoconference.
The country's 1.1 million barrels output is below the Organization's authorized quota.
The compensation period will be extended until the end of December 2022, as requested by some underperforming countries, but, according to OPEC+, with deadlines for submitting plans ending on June 17 this year.
