Angola's Q1 2026 Oil Revenues Hit $7.16 Billion Driven by Price Strength and a Surging LNG Sector

Angola exported approximately 86.18 million barrels of crude oil in the first quarter of 2026, generating revenues of around $7.16 billion, according to a joint presentation by the Ministry of Mineral Resources, Petroleum and Gas (MIREMPET), the National Agency of Petroleum, Gas and Biofuels (ANPG), and Sonangol.

While export volumes declined by 9.14% compared to the previous quarter and marginally by 0.90% against the same period in 2025, revenues moved in the opposite direction, a dynamic the Angolan state institutions attributed directly to favorable price conditions in the international market. Brent crude averaged $81.13 per barrel during the quarter, providing the pricing tailwind that more than offset the volume shortfall.

The international price environment remained shaped by a confluence of geopolitical pressures and supply-side uncertainties. Tensions in the Middle East, disruptions to global supply chains, and production-related uncertainties among key international producers all contributed to sustaining an upward, if volatile, price trajectory for dated Brent through the quarter.

Beyond crude, Angola's natural gas exports added another dimension to the country's Q1 story. Total gas export volumes reached approximately 1.45 million metric tons, with Liquefied Natural Gas accounting for 85.51% of that figure. On a year-on-year basis, gas export volumes surged by 30.67%, a striking acceleration that underscores Angola's deepening commitment to gas monetization as a long-term revenue pillar. Quarter-on-quarter, volumes eased by 15.22%, reflecting the inherent scheduling variability of LNG cargo operations rather than any structural weakness in the sector.

Taken together, Angola's Q1 2026 numbers present a picture of an upstream basin where pricing discipline, strategic gas development, and a diversified export portfolio are collectively reinforcing the country's standing as one of Sub-Saharan Africa's most consequential hydrocarbon producers and one that continues to offer meaningful opportunity for operators and service companies active across the value chain.