After the Boom: Angola’s Recurring Oil Challenges in a New Context

Angola is one of Africa’s most established petro-states, with initial forays into the country’s oil acreage predating national independence. A failure to diversify the economy significantly away from the now well-established oil industry proved disastrous during the global financial crisis of 2008-9: the plunge in oil prices by nearly two thirds from a high of USD147 forced the Angolan government to consider revising the oil benchmark figure in its 2009 budget to below break-even levels. …. [Persbericht]