Summary
Effects of low oil prices on Africa
The low prices of crude oil in 1998 have adversely affected African oil producing nations such as Algeria, Angola, Gabon, Libya and Nigeria, where oil comprises 90% of their total export earnings. The oil prices are largely due to the financial crisis in Southeast Asia and Japan, which comprise the world's second largest energy market. A further decline in oil prices is expected in 1999 as the Asian crisis moves from Russia to Latin America.See the full content of this document
Extract
The barrel runneth over.
Current oil prices are the lowest for 25 years - creating massive headaches producers such as Nigeria and Angola who depend on oil revenues. The situation will not improve, warns Rafiq Ahmed, unless critical steps are taken immediately.
The world's most heavily traded commodity - crude oil - has been down in the dumps for a year. The price of Brent Blend, the international benchmark, has ranged from a low of $10.5bbl to a high of $16.49. Th...See the full content of this document
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