The data also indicates that the amount recorded the lowest level since June, when it stood at 714.38 billion kwanzas.
According to the Ministry of Finance, revenues were pressured by a 7.25 percent decrease in the average price of oil, to $74.40, and a 7.90 percent decline in the volume of exported oil, to 33.66 million barrels.
In the analysis by revenue type, revenues from the concessionaire stood out, decreasing by 33.53 percent to 425.57 billion kwanzas, followed by the Petroleum Production Tax and Petroleum Income Tax, which decreased by 31.08 percent and 20.30 percent, to 26.77 billion and 149.41 billion kwanzas, respectively.
Additionally, according to data from the Ministry of Finance, in September, oil tax revenues reached 866.53 billion kwanzas, a slight growth of 0.11 percent compared to August.
The positive trend was driven by oil exports, which increased by about 2.16 percent to 36.55 million barrels, compensating for a 3.40 percent reduction in price, with an average of $80.22 per barrel in September.
Revenues from the Petroleum Income Tax (IRP) and the Petroleum Production Tax (IPP) increased by 7.41 percent and 30.96 percent, to 187.47 billion and 38.85 billion kwanzas, respectively.
Statistics from the first half of the year show that oil tax revenues totaled 4.53515 trillion kwanzas, representing 57.70 percent of the oil tax revenues forecast in the 2024 General State Budget.
According to economist Jacinto de Paiva, since July, monthly oil tax revenues have shown some growth due to the stability of the average price of a barrel of oil on the international market.
“With last week’s OPEC announcement about extending oil production cuts until the end of December to counter the recent price drop in the markets, the outlook for the Angolan market is satisfactory, considering the fiscal objectives and the debt the country aims to achieve,” explained Jacinto de Paiva.
Source: Jornal de Angola
