(Business in Cameroon) - In the second quarter of 2021, the prices o energy products exported by CEMAC countries (oil and gas namely) rose by 12.2%. According to a report published by the Bank of Central African States (BEAC) on September 21, 2021, this price acceleration is a little below the +35.5% recorded during the previous quarter.
Specifically, in Q2-2021, the price of a barrel of crude oil appreciated by 13.1%, against 9.3% for natural gas. “This improvement in the prices can be explained by the strong revival of the economy of China (world-leading oil importer) and the decision taken in early June 2021, by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to maintain the strict quat policy implemented last year,” the BEAC wrote in its report.
Even though the price increase was lower than the Q1-2021 level, it nevertheless boosted the member countries’ foreign reserves and provided much-needed financial resources for the five oil producers in the community. Indeed five out of the six-member countries produce oil and four of them (Congo, Equatorial Guinea, Chad, and Gabon) mostly depend on oil exports for their public revenues.