Angola: Oil has recorded major fall in 46 years – IMF

angola Crude-oil-Production

The oil barrel recorded in 2015 its steepest fall in 46 years, as there are huge stocks on the world market and demand has dropped.

This was said Wednesday in Luanda by the World Monetary Fund (FMI) representative to Angola, Max Alier.

The official was speaking during the presentation of the six-month IMF report on Africa South of the Sahara, jointly organised with the Faculty of Economics of the Agostinho Neto University.

IMF Angola representative Max Alier (Photo: Rosário dos Santos)
IMF Angola representative Max Alier (Photo: Rosário dos Santos)

According to the specialist, the fall was owed to the huge oil reserves on the world market, with the price standing currently at Usd 48,35 a barrel.

He said that the fact that the oil barrel price has been rising lately, does not mean there will be a world economic stability in the near future.

Max Alier spoke of the need for a strong and urgent political response.

Currently, according to him, the oil exporting countries are the most vulnerable ones as the terms of the trade have recorded a loss of revenues of 20 percent of the Gross Domestic Product since 2014, as a result of the oil price fluctuations.
Source: Angop