According to the sectoral outlook note prepared by the Directorate General of Economy and Tax Policy (DGEPF), oil production in Gabon recorded an increase of 5.3% and a drop in exports of 20.2% in the first quarter 2020, compared to the same period in 2019.
The Directorate General of Economy and Tax Policy (DGEPF) published, in June, its sectoral outlook report. Summarizing national and international economic activities, the document indicates that oil production recorded good points in the first quarter of 2020. Or more 5.3% compared to the same period in 2019.
An increase representing 2.78 million tonnes compared to 2.64 million in 2019. “Continued work to improve yields in mature fields and the ramp-up of the Simba field explain this increase,” said the DGEPF, an organ of the Ministry. of Economy and Finance.
The note also points out that “conversely, crude oil exports fell 20.2% to 2.35 million metric tonnes, due to weak demand, linked to the glut of ‘international offer’. Explanation: “the average crude prices were 50.26 dollars per barrel for Brent and 49.16 dollars per barrel for the basket of Gabonese crude, representing respective decreases of 20.5% and 21% compared to first quarter 2019 ”.
The document also adds that “this development is linked to the Covid-19 crisis which accentuated the drop in demand for oil, already exacerbated by the war of market shares between Russia and Saudi Arabia, after the failure negotiations aimed at further reducing supply to support prices ”.
Finally, the average exchange rate improved by 3% to 595,204 CFA francs per US dollar.
