Republic of Congo: Oil Production Could Reach 117 Million Gross Barrels in 2018 According to Government Budget Estimates
According to a source close to the Congolese Ministry of Finance, with this expected production of 117 million barrels and the price of a barrel of Congolese crude amounting to 60 dollars, the Congo intends to rake in 2018 oil revenues of more than 749 billion F CFA.
These oil revenues are up sharply by some 357 billion CFA francs compared to the 2017 year, which recorded a low income of some 391 billion F CFA.
They represent 2 / 3 of national GDP, 75% of government revenue and 90% of export earnings.
Oil is Congo’s main source of income, which, with a production of about 350.000 barrels of crude per day, has risen to the 4 rank of sub-Saharan African producers.
