Congo Oil Revenues Jump 133% in the Second Quarter of 2026

An oil field in the Congo with extraction facilities and refineries under a clear sky.

AFRICAN STOCKS AND FINANCEOctober 7, 2026 at 12:09 PM UTC

TLDR

The Congo's oil revenues rose by 133.2% in the second quarter of 2026.
The average price per barrel reached $104.4, boosting government revenues.
Oil production and exports also increased, strengthening public finances.

Congo’s oil revenues surged by 133.2% in the second quarter of 2026, reaching 304.6 billion CFA francs. This significant increase was detailed in the economic report issued by the General Directorate of the Economy (DGE). The increase comes amid a sharp rise in crude oil prices on the international market.

The average price per barrel stood at $104.4 in the second quarter of 2026, compared with $67.8 during the same period in 2025. This increase represents a 29.7% rise in just three months, following an average price of $80.5 in the first quarter of 2026. The DGE attributes this surge primarily to the deteriorating situation in the Middle East, citing the closure of the Strait of Hormuz.

Beyond the price effect, Congo’s oil production reached 26.4 million barrels in the second quarter, up 7.3% from 24.6 million barrels a year earlier. Exports also rose by 12.2%, from 22.5 to 25.2 million barrels year-over-year. The combination of higher crude oil prices and increased volumes boosted the value of oil exports to 1,371.4 billion CFA francs, a 61.9% increase from the 847.1 billion CFA francs recorded the previous year.

This upturn in the oil sector has a direct impact on public finances, where oil revenues now account for 49.1% of public revenues excluding grants, compared to 29.8% a year earlier. However, rising oil prices are having a less favorable effect on the cost of supplies for the national refinery. The value of the volumes supplied to the refinery rose sharply by 47.1%, from 47.4 to 69.8 billion CFA francs for 1.5 million barrels, despite volumes remaining virtually stable.

For the full year 2026, the macroeconomic framework assumes an average price of $86 per barrel and projects 1,246.4 billion CFA francs in oil revenues, equivalent to 11.6% of GDP. The trend observed in the first half of the year is a key factor in the realization of these projections, although it remains subject to the volatility of international prices. The DGE attributes the increase in production to improvements in processing facilities and the return of wells to production.

Points clés à retenir

The sharp rise in Congo’s oil revenues in the second quarter of 2026—a 133.2% increase to 304.6 billion CFA francs—highlights the Congolese economy’s significant dependence on fluctuations in the global crude oil market. This upturn is primarily due to a surge in prices, with the average price per barrel jumping to $104.4—an increase of nearly 30% in a single quarter. The General Directorate of the Economy attributes this surge to the deteriorating situation in the Middle East, particularly the threat to the Strait of Hormuz, underscoring the vulnerability of global energy markets to geopolitical tensions. Beyond the price effect, an increase in production and export volumes also contributed to this performance, thanks to operational improvements and new drilling. While this oil windfall is boosting public finances—now accounting for nearly half of government revenue excluding grants—it is a double-edged sword. The macroeconomic framework for 2026 projects oil revenues of 1,246.4 billion CFA francs, or 11.6% of GDP, but this forecast remains subject to price volatility. At the same time, rising crude oil prices are driving up the cost of supplying the national refinery, increasing expenditures despite stable volumes. This situation underscores the importance for the Congo of diversifying its revenue sources while capitalizing on its oil resources, all while managing the risks associated with heavy dependence on global prices and geopolitical events.

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économie

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