Oil price slump gives Angola a chance to diversify

President Jose Eduardo dos Santos' government has imposed tough budget cuts (Photo: dpa)
President Jose Eduardo dos Santos' government has imposed tough budget cuts (Photo: dpa)

Oil is the backbone of Angola’s economy but the sharp fall in prices has left it struggling with a decrease in its expected revenue for 2015. Initially projected to sell oil at US$81 per barrel, Angola recently proposed a revision to its state budget, which, in addition to estimating oil revenue at a price of US$40 per barrel, proposed to slash spending. Despite the hardships, this could be an opportunity for Angola to diversify its economy.

WHILE oil importers are reaping the benefits of the decision by the Organisation of Oil Exporting Countries (OPEC) not to cutback on crude supply - despite the rapid fall in prices influenced by the oversupply of US shale - oil exporters, particul...

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