The West African country of Angola has been badly hit by the decline in oil prices. In 2012, according to the US Geological Survey (USGS), Angola was responsible for 2% of global oil output and oil accounted for 90% of the country’s exports, 80% of government revenues and 47% of its gross domestic product. From June to December 2014, the price of oil fell by about 50% and, during 2015, the price of oil oscillated between $45/bl and $60/bl. While the Angolan …
