Petroleum Africa
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Monday, April 24, 2017
Despite overtaking Nigeria as Africa’s number one crude producer, Angola is having a hard time making ends meet. According to a Platts report, crude prices since 2014 have weakened the country’s public finances which depend significantly on revenues generated by its hydrocarbon sector.
For the ends to meet in Angola, the industry needs to see a per barrel price of $85, which is not expected to happen anytime this year. While the deal between OPEC members and some non-OPEC producers to rein in production to boost crude prices has had some effect on the markets, it is not enough for some countries who depend highly on oil revenues. The United States’ continued production and export is putting a damper on the effort to prop up prices.
In early April, Moody’s downgraded Angola’s sovereign rating to B1 with a negative outlook. According to the IMF, although the country has adopted a pile of measures to diversify its income, more adjustment measures are needed to achieve balance.
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