Luanda: Brent oil opened trading on the International Market at $65.53 a barrel, following a previous session closure at $64.94, marking a 1.68% increase. This development comes as crude oil futures markets for August delivery displayed a variation between $63.84 and $65.25 on Tuesday.
According to Angola Press News Agency, Brent oil serves as a reference for Angola’s exports. The current price trends show a decline from the forecasted price in Angola’s General State Budget for the 2025 economic year, set at $70 per barrel. This drop has been notable since the first quarter of this year.
The fluctuations in Brent oil prices are closely monitored due to their significant impact on the Angolan economy, which heavily relies on oil exports. The current pricing below the budget forecast may necessitate adjustments in economic planning and expenditure for Angola in the coming years.