Angola | - Part 8

September’s Inflation Trends Across the Continent

LAGOS (Capital Markets in Africa) – Angola’s inflation quickened to 39.44 percent in September from 38.18 percent in August, data from the national statistics agency showed. Prices increased at a slower pace month-on-month, rising 2.14 percent in September from 3.3 percent the prior month. Key contributors to the rise were food and non-alcoholic beverages; miscellaneous goods and services; clothing and footwear; furnishing and household equipment. Botswana’s consumer inflation quickened to 2.8 percent in September from…

Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says

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ALGEIRS, Capital Markets in Africa: Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week. Prices rebounded Monday after tumbling 3.7 percent on Friday as Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision. While Noureddine Boutarfa’s comments don’t change that, they suggest OPEC’s leading member may still be willing…

OPEC Members Take Up Positions on Freeze Before Algiers Talks

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LAGOS. Capital Markets in Africa: OPEC’s decision to hold informal talks in Algiers this week has fanned speculation that the group might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into free fall. A previous attempt to agree on an output freeze, including non-OPEC member Russia, collapsed in Doha in April when Saudi Arabia walked away because Iran refused to participate. This…

Angolan parliament approves smaller 2016 budget due to low oil price

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LUANDA, Capital Markets in Africa: Angola’s parliament on Monday approved a smaller 2016 budget than it had originally planned, after lower oil prices hammered state revenues in Africa’s largest crude exporter. The finance ministry said in July government that spending would be cut to $24 billion from $30 billion projected in the original 2016 budget after projected revenues were slashed to $18 billion from $24.4 billion. “The 2016 state budget revision that we just approved…

Angola: Funding the Budget Deficit Amidst the Oil Price Slump

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LAGOS, Nigeria, Capital Markets in Africa: Government revises macro scenario for 2016 Economic activity in Angola has slowed considerably in recent years. Real GDP advanced by only 4.8% in 2014 (from 6.8% in the previous year) and 3% in 2015. This is considerably slower than the 10.4% average recorded in the previous decade. The deceleration was particularly reflected in the oil sector, which saw a contraction in activity in 2014 after a strong decline in…

Oil Trades Near $46 a Barrel as Nigeria Sees OPEC Cuts Unlikely

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LAGOS, Capital Markets in Africa: Oil traded near $46 a barrel after the biggest three-day gain since April as Nigeria’s oil minister signaled the prospect of production cuts from OPEC was unlikely. Futures were little changed in New York, erasing an earlier loss of 0.9 percent as the dollar weakened, making commodities more attractive. Prices climbed 9.7 percent the previous three sessions following comments by Saudi Arabia’s energy minister that it’s prepared to discuss stabilizing the…

Angola Said to Discuss $500 Million Loan With Gemcorp

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ANGOLA, Capital Markets in Africa: Gemcorp Capital LLP is negotiating with Angola about providing Africa’s biggest oil producer with a loan of about $500 million even as the IMF said the country called off talks over financial support, according to a person familiar with the matter. Talks are continuing to set up a facility for the Angolan Ministry of Finance to enable it to get dollars for the purchase of medicine and food and an…

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