Angola displaces Nigeria to become Africa's top oil producer - OPEC

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Angola displaces Nigeria to become Africa's top oil producer - OPEC | Africanews


OPEC’s Monthly Oil Market Report (MOMR) released on Monday disclosed that Angola’s current production was at 1.651 million barrels per day (bpd).

Nigeria’s
output on the other hand, was between 1.576 million bpd to 1.604 million bpd....

......​

‘‘Crude oil output increased the most in Iraq, Angola and Libya, whiles production in Saudi Arabia, Nigeria and Venezuela showed the largest decline,’‘ OPEC said.

Algeria lost the top producer spot to Nigeria in December 2016. Nigeria’s main problem with production was due to attacks by militants in the Niger Delta region on oil installations.




































errr never mind :pachaha:
 

Frangala

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Angola should just focus on diversifying their economy.

Ain't gonna happen, the political class/elite is eating too well off of oil. I remember they had a sovereign wealth fund in efforts to invest in companies abroad (which is backwards for Angola) I wonder what happened to that project.
 

Frangala

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Then they're not gonna last long imo.

Yea that's the problem. They should have used those revenues to strengthen local industries and small to medium sized enterprises to manufacture. Use the revenues for infrastructure and electricity but they want to either steal money or put it in a sovereign wealth fund which offers opportunities to steal more money or even if that fund is utilized the correct way it still doesn't create jobs at home. Buying shares of a next upcoming American tech company does not create employment locally.
 

Trajan

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Oil is not really popping like that anymore :yeshrug:

Of course it's a valuable resource but the heady days of $115 per barrel seem to be over. One trick pony economies like Saudi are struggling for a way out of this conundrum and they have the lowest production costs in the world.
 

Frangala

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For anybody who has disposable time to find out how a lot of these rent-based/resource rich economy works should read a book called the "Looting Machine" by Tom Burgis. He is a British Financial Times reporter in Africa. He details where the money goes, role of corporations etc.. It includes Sonangol the Angolan state oil company.

61jHdc%2BtabL._SX327_BO1,204,203,200_.jpg


Here is a vid of him talking about it

 

Trajan

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Frankincense and Myrrh
For anybody who has disposable time to find out how a lot of these rent-based/resource rich economy works should read a book called the "Looting Machine" by Tom Burgis. He is a British Financial Times reporter in Africa. He details where the money goes, role of corporations etc.. It includes Sonangol the Angolan state oil company.

61jHdc%2BtabL._SX327_BO1,204,203,200_.jpg


Here is a vid of him talking about it




Repped

I needed something like this. Will have time to cop and read in the next couple of weeks.
 

Red Shield

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Ain't gonna happen, the political class/elite is eating too well off of oil. I remember they had a sovereign wealth fund in efforts to invest in companies abroad (which is backwards for Angola) I wonder what happened to that project.

too many black elite are too damn stupid. You can continue to eat and diversify.. it's not a "or" answer :francis:
 
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