ANGOLA: RAMPING UP OIL AND GAS PRODUCTION TO MEET DEMAND FROM A SHIFTING MARKET

   Wed, 04 May 2022

As Chinese demand for Angolan crude falters, the government is scaling up production and ramping up refining capacity to meet surging European demand for oil and gas. Rising export revenues from crude mean the government can borrow less to fund its budget, having twice postponed a Eurobond sale this year, while also strengthening its re-election manifesto ahead of the August elections. That said, the political opposition has strong momentum and will face a concerted state-led campaign of electoral manipulation to thwart its success at the polls in coming months.

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