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The government explains this decline by the natural decline of mature fields, the maintenance of quotas of the Organization of the Petroleum Exporting Countries and the shutdowns for oil well maintenance work are causing the decline in
However, exports grew by 3.2% to 2.39 million metric tons, "says the Ministry of Economy in its note of conjuncture. The main destinations for Gabonese crude oil remain Asia and the Pacific, accounting for 82%.
As regards prices, during the first quarter, the price of Brent rose sharply by 24%, 1%, at $ 66.76 per barrel.
In this context, the average price of the Gabonese crudes basket has appreciated by 27.8% compared to 2017, to reach 65.51%. dollars per barrel
In terms of revenues, they are down 24.7% year-on-year. They stand at CFAF 95 billion as at 31 March 2018, compared to CFAF 126.2 billion in 2017.
The fall in oil production combined with the depreciation of the dollar exchange rate against the CFA franc which closed at CFAF 533 at the end of March, despite the increase in the price of a barrel of oil on international markets, explain this decline in revenue.
On a revised annual forecast to 698.3 billion FCFA, 13.6% of oil revenues were collected in the first quarter, document
PIM / te / APA
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