Prospect of lower oil prices puts pressure on Angola, finance minister says

By Karin Strohecker

LONDON, Oct 25 (Reuters) – The prospect of lower oil prices puts “lots of pressure” on Angola, the country’s finance minister told Reuters on Friday, adding that she expected to see prices average around $70 to $72 per barrel compared to $75 in 2024.

The government of Africa’s second-largest crude oil exporter will also continue to phase out fuel subsidies, Finance Minister Vera Daves de Sousa said in an interview on the sidelines of the IMF and World Bank annual meetings in Washington.

“How many steps we didn’t decide yet, but our idea is to do it in steps,” she said, confirming that subsidies were amounting to around 4% of GDP this year.

Angola left the Organization of the Petroleum Exporting Countries at the beginning of this year.

Brent crude futures settled up 2.25% to $76.05 a barrel on Friday. Analysts have warned that oil prices would come under pressure next year due to ample supply and lacklustre demand. (Reporting by Karin Strohecker; Writing by Rodrigo Campos; Editing by Paul Simao)

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