Angola Says Oil Revenue Accounts For 71% of First-Quarter Budget Income

Angola’s budget revenue was 939.6 billion kwanza ($10 billion) in the first quarter, of which 71 percent from from generated from oil, Finance Minister Carlos Alberto Lopes said.

Oil revenue stood at 666 billion kwanza, Lopes told lawmakers today in Luanda, the capital. Angola, Africa’s second- biggest oil producer, pumped an average of 1.6 million barrels of oil a day in the first quarter, less than a planned 1.9 million barrels, he said.

To contact the reporter on this story: Candido Mendes in Luanda at cmendes6@bloomberg.net

To contact the editor responsible for this story: Gordon Bell at gbell16@bloomberg.net

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