Angola's budget "likely" to be revised if oil prices remain low

Angola's Secretary of State for Finance and Treasury Vera Daves

The Angolan government will "probably" have to revise the state budget if oil prices remain below the $68 estimate, Secretary of State for Finance and Treasury Vera Daves admitted today.

"When we presented the budget in parliament, we thought we were being conservative in estimating the price of an oil barrel at $68," Daves said today in a lecture at the Chatham House (Royal Institute of International Relations) in London.

However, even though there are some uncertainties regarding the impact of the output reduction that has been determined by the Organization of Petroleum Exporting Countries (OPEC), Daves said that the trend is below expected.

"We are still confident, but we will probably have to revise the budget if the trend continues," she said during the lecture, titled 'Economic Reforms and Financial Governance in Angola'.

The price of a barrel of Brent oil for delivery in March opened today in the London futures market at $60.87, 1.17% less than at the end of the previous session.