A Review of the Nigerian Energy Industry

Angola worries over oil prices

Angola's Minister of Petroleum Jose Maria Botelho de Vasconcelos
Angola’s Minister of Petroleum Jose Maria Botelho de Vasconcelos

04 January 2015, Luanda — The Minister of Petroleum, Botelho de Vasconcelos, acknowledged that the current state of the price of crude oil on the world market is worrying, but he believes that it may improve in the second quarter of 2015.

The Government minister made these statements to the press, commenting on a passage in the New Year message of the President of the Republic, José Eduardo dos Santos on Monday, according to whom the year 2015 will be difficult economically because of significant drop in the price of crude oil.

“We know that our economy is based on oil. We must wait until the first quarter can bring completely different signals and maintains a growing trend in oil prices,” said the minister. To him, this time is to live a volatility environment in oil prices that are at a level that do not meet the development expectations of Angola.

To comment on the recent update of fuel prices at the country level, Botelho de Vasconcelos, explained that “it is creating a different environment because revenues achieved by reducing subsidies will contribute to support some government projects and programs “.

*Angola press

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