René Muschter
Research Expert covering Industry & Mobility
Oil industry in Angola - statistics & facts
Angola is among Africa’s largest oil producers. Its current challenge is how to reverse the decline in oil production observed in the last decade. To recover oil output also means getting the economy back on track, as the country’s finances rely strongly on this resource. Around one third of Angola’s GDP is rooted in the oil industry. Crude oil, natural gas, and refined oil account for almost all national exports. As of 2020, unexpected circumstances jeopardized the Angolan oil industry. The coronavirus (COVID-19) pandemic led to a decrease in global demand, while the crude oil prices declined sharply amid an international price war.
