Angola Oil and Diamonds Generated US$31.3bn in Export Revenue in 2025

Angola’s latest export data confirms that the mineral resources, oil and gas sector generated an estimated US$31.3bn in export revenue in 2025. This performance reinforces hydrocarbons and diamonds as the backbone of Angola’s external earnings and fiscal capacity, even as the government talks up diversification.

Hydrocarbons still anchor exports and fiscal revenues

According to a recent sector report, crude oil was Angola’s leading export in 2025, earning about US$24.5bn. Natural gas exports added roughly US$3.24bn, while refined products contributed about US$429m. Together, oil and gas are by far the dominant source of foreign currency. These figures align with wider commentary that oil still accounts for close to 90% of Angola’s export earnings.

The report shows Angolan oil production at 378.4 million barrels in 2025, implying an average output above one million barrels per day. This level broadly matches recent indications that exports have averaged around 1.07 million barrels per day. China remains the key buyer of Angolan crude, taking 58.42% of exports. This confirms and even deepens the long-standing China focus in Angola’s crude flows, building on earlier patterns where almost half of oil exports headed to Chinese refineries.

The fiscal dependence is equally stark. In 2025, the oil sector contributed 13.94% of Angola’s GDP and generated 57.25% of state tax revenue. Moreover, hydrocarbons and mineral resources together represented 97.88% of national exports. This narrow base leaves Angola’s external accounts exposed to oil price swings, even as recent higher prices have supported revenues and improved trade balances.

For development finance institutions and infrastructure investors, this combination signals continued hard-currency strength anchored in hydrocarbons. However, it also highlights concentration risk around one commodity and a small group of key buyers, with Angola’s oil and diamonds effectively underwriting both the balance of payments and the budget.

Diamonds expand, led by Catoca and Luele

The mining sub-sector showed solid momentum in 2025. Diamond production reached 15.2 million carats, up 7.9% versus 2024. Export sales were even higher at 17.7 million carats, generating about US$1.79bn. Industry reporting links this performance primarily to the Catoca Mining Company and the Luele Project, Angola’s two largest diamond operations.

Angola’s diamond exports now carry more weight in the global market. Recent industry data notes that Angola accounted for a significant share of the roughly US$65.1bn in global diamond export revenue in 2025. However, authorities and Endiama, the national diamond company, have already moved to manage supply more actively. In early 2026, Angola decided to reduce the volume of small rough diamonds entering the market from Catoca and Luele for at least three months, aiming to support prices and avoid oversupply.

These actions show policymakers are alert to price volatility and market cycles, even as they seek to expand mining output. For investors with exposure to Angola oil and diamonds, the diamond segment offers diversification within the commodity complex, but it remains subject to global jewellery demand and mid-stream inventory dynamics.

Looking ahead, Angola’s 2025 numbers confirm a strong external earnings base but a narrow one. For investors and policymakers, the key signals will be upcoming decisions on local refining, gas monetisation, diamond cutting and polishing, and broader industrial policy.

Any credible progress on value addition and sector diversification would start to moderate Angola’s dependence on oil and diamonds, while still leveraging these assets as a foundation for wider growth.

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