Browsing: Angolan President

Angola’s President Joao Lourenco said the country would increase its daily oil production next year by more than 35,000 barrels in a bid to revive an economy hurting from drought.

Angola’s President said output would jump from 1,401, 235 barrels per day to 1, 436,900 barrels per day.
Angola continues to heavily depend on oil, which contributes half of the country’s economic wealth, 95 per cent of exports and 80 per cent of government revenue. However, it is struggling with a biting drought that has cost both commercial and traditional cattle farmers without grazing land.

Angola’s economy has been affected by the sharp decline in oil prices and the government is looking for ways of diversification. Oil production is a major employment sector with President Lourenco saying 161,000 jobs were created in the public and private sectors between 2017 and 2019. The job creation is below the 500,000 jobs he …