Angola tries to ride out the slump
The economy has stalled and oil-output growth targets will not be met. Now the president has put his daughter in charge of the state company
Angola has been hit hard by the collapse of oil-export revenue, while the installation of Isabel dos Santos, the president’s daughter, as head of state oil firm Sonangol in June has raised questions for the oil companies with which it does business. Economic growth has collapsed with the oil price. The finance ministry said in July it was cutting its GDP growth forecast for this year to 1.3% from a previous estimate of 3.3%, which was already a drop on previous growth. Government revenues—mostly from oil—will also fall, from $24.4bn to $18bn, and so, therefore, will spending, from $30bn to $24bn. The latest drop in the oil price will probably now send the government back to the IMF asking fo
Also in this section
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
19 June 2025
The strategic importance of vast untapped oil and gas reserves and key shipping routes has come in from the cold
18 June 2025
Egypt’s government was already preparing for potential energy shortages this summer, and the loss of Israeli gas supply has made things worse
