China buys two-thirds of Angolan oil – The Economic Journal

China was the largest importer of Angolan oil in 2018, having bought 64.82% of the total branches produced last year in Angola, according to Sonangol information to which Jornal Económico had access. In second place comes India, with 10.72%, followed by Spain in third place and the USA in fourth place. Portugal ranks eighth among Angola's largest oil buyers, with 2.95 million barrels of crude imported in 2018.

In all, Angola sold 198.025 million barrels of crude in the foreign market in 2018, at an average Angolan branch price of around US $ 70.709 a barrel, according to Sonangol's report, clarifying that the average reference price used in Luanda for Angolan branch exports was the Brent quoted on the London Stock Exchange at $ 71,229 per barrel and subtracted from the average differential of $ 0.52 per barrel.

Article published in the weekly edition of August 9, 2019, of the Jornal Económico. To read the full version, go here to JE Reader.

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