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Angola's Oil Exports Worth 29 Billion usd in 2006  

08-14-2007

Revenues from Angola’s oil exports in 2006 reached US$ 29.928 billion, an increase of 32.5 percent in a year-on-year comparison, media reported.

State news agency Angop said Monday that Angola exported some 487.8 million barrels of oil last year at an average price per barrel of US$ 61.4.

The United States continued to be Angola’s biggest single oil customer, buying US$ 9.403 billion worth of oil last year, followed by China with imports worth US$ 8.966 billion, some US$ 1.4 billion more than China’s total for the whole of 2002.

Chinese oil imports from Angola have been growing steadily since the end of Angola’s civil war in 2002. During this period, Chinese crude imports have risen nearly sevenfold, compared to a threefold increase in Angola’s exports to the United States.

Angola will begin to export 1.7 million barrels of crude daily by September and is expected to increase its daily oil output to 2 million barrels in 2008.