• 20 mins Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 hour China To Take 5% Of Rosneft’s Output In New Deal
  • 2 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 hours VW Fails To Secure Critical Commodity For EVs
  • 4 hours Enbridge Pipeline Expansion Finally Approved
  • 5 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 hours OPEC Oil Deal Compliance Falls To 86%
  • 22 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 24 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
The New Challenger To Lithium Batteries

The New Challenger To Lithium Batteries

The lithium-ion battery is head…

New Tech Is Transforming Japan’s Energy Sector

New Tech Is Transforming Japan’s Energy Sector

The tech that built bitcoin…

60,000 Jobs Lost In Angola Due To Oil Slump

Luanda Angola

The drop in international oil prices is behind the loss of some 60,000 jobs in the nation of Angola. The situation has unfolded over the past 12 months, with most of the losses hitting the civil engineering and oil sectors.

The chair of the Angolan Industrial Association, Jose Severino, contends that the country’s economy would rebound commensurate with oil prices. Despite the optimism, Severino also noted that the International Monetary Fund would provide aid to boost the country’s credit rating and improve financial conditions in Angola.

Angola’s rate of inflation could help it to export oil and other commodities. Be that as it may, Severino said that Angola still needs a supply of foreign currency for the purchase of the material and equipment needed by the industrial sector. Severino wants the government to enact tighter control over foreign currency reserves and to take action to channel more foreign currency into industry.

The nation’s net foreign exchange reserves dropped to $24.408 billion in May from $24.774 billion in April. The drop in oil prices has been a factor in the decrease of dollar inflows to the country, which has led to a shortage of foreign currency.

Last week, Isabel dos Santos, the CEO of Angola’s state-run Sonangol oil company, and the daughter of the president, announced plans to bring the company out of the oil crisis. Dos Santos said that she plans to split the company into three parts to organize operations, logistics and concessions to international oil companies. She has also said that she will consider building a refinery in Angola to cut production costs and reduce the need to import diesel and gasoline.

Related: Iran And India Risk Regional Backlash Following Latest Investment Deal

Dos Santos hoped that the moves would prevent the need for layoffs. She became the CEO following a decree by her father, prompting allegations of nepotism from some quarters.

Angola produces some 1.6 million barrels per day of oil, now producing more than Nigeria, the number one producer in Africa until disruptions from militant attacks forced output offline. A member of OPEC, Angola is dependent on oil for 95 percent of its export revenues and is facing an urgent cash flow problem that requires external aid. Last month, Moody’s downgraded Angola’s credit rating to B1.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News