RECESSION AND OPEC QUOTA REDUCTIONS HITS AFRICAN OIL INDUSTRY SAYS OECD
June 1st, 2009
BY KEITH NUTHALL
AFRICA'S economy has been weakened by an oil industry hit hard by the global recession and OPEC quota cuts, the Organisation for Economic Cooperation and Development (OECD) African Economic Outlook report has reported. Angola's economy should contract 7.2%, assuming OPEC quota cuts hit oil production. North African growth will fall from 5.8% in 2008 to 3.3% this year due to falling oil production (and tourism). Nigeria's runaway growth will fall to 4% this year, also because of OPEC quota reductions. Continent-wide growth in oil-exporting ...
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