Africa Angola Commodities Debt Economy Energy Fuel Nigeria Oil

Nigeria and Angola face oil price squeeze

Nigeria and Angola face particular pressures as a result of the oil price crash, a new report from Verisk Maplecroft has warned.

The so-called “second-tier producers” face particular pressure as a result of the price war, started by Saudi Arabia and Russia in March this year. Those two countries, and the US, have the financial wherewithal to ride out the storm but others are less well placed.

Angola’s debt-to-GDP ratio has risen sharply over the 2015 to 2019 period, while Nigeria has also seen this rise, although to a lesser extent. Angolan debt has risen to nearly 100% of GDP, from below 60% in 2015.

Other second-tier producers identified by Verisk Maplecroft include Canada, Norway, Iraq, Kuwait and Venezuela.

Source: EnergyVoice via CrudeMix

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