In the conjuncture report published by the General Directorate of Economy and Fiscal Policy in Gabon for H1 2020, the country produced 41 million barrels of oil, a 3% appreciation.

The report showed that the National crude oil production in Gabon increased by 3% in comparison to H1 of 2019. The production stands at 5.6 million metric tonnes which translates to 41.01 million barrels of oil.

The report reaffirms Asia as the main destination for Gabonese crude, with 77% of national exports heading to the continent. The average crude prices reached $ 39.72 per barrel for Brent and $ 37.28 per barrel for the basket of Gabonese crudes. This represents declines of 39.8% and 43.1% year-on-year, respectively.

The Directorate said the fall in prices is attributed to the slowdown in world demand due to the coronavirus pandemic and reduced transport activities globally due to lockdown and imposed travel restriction by several countries to contain the spread of the virus.

An excerpt from the report:

“The improved yields of mature fields and the good performance of the Simba field explain this improvement. Conversely, exports fell 6.4% to 5.15 million metric tons, due to the drop in global demand, in connection with the coronavirus pandemic and the barrier measures taken by governments to curb its spread.”