Posted on 03/30/2015 8:13:03 AM PDT by Lorianne
Plunging oil prices have been an economic windfall for U.S. consumers, primarily through greater savings at the pump. In energy-reliant countries around the world like Angola, however, the effect has been far less beneficial.
Social and economic turmoil in countries like Venezuela and Russia—largely because of the swoon in global oil prices—has drawn attention away from Angola, an OPEC member that is Africa's second-largest oil producer. The country churns out 1.75 million barrels of oil per day, according to the Energy Information Agency (EIA).
The sub-Saharan country is hugely dependent on oil production to generate revenue for its economy, which the International Monetary Fund (IMF) says accounted for 97 percent of total export revenues in 2012, marginally more than Venezuela's 95 percent.
(Excerpt) Read more at cnbc.com ...
But can you buy a roll of toilet paper?
So what...... most of that money is stolen...
Angolans get pennies IF ANYTHING AT ALL..
Angolans are hurt by their givernment not the price of Oil..
The price of givernment is going UP EVERYWHERE...
Oil-based economies would do well to use their oil revenues to create other revenue-producing industries. It’s not wise to lean on one pillar of support.
Venezuelans will *wish* they were Angolans, before all this is over.
Most of those National Oil companies are used to fund their governments and pet social programs. Only seems like a few, such as Saudi, Qatar and UAE make real investments for other sources of revenue.
Main reason for the latter phenomenon is they have the cheapest-to-extract oil, the most oil produced per capita and no natural resources other than oil, meaning they need to start planning for when the oil runs out. Most of the other countries have things other than oil going for them.
Like Angola, Venezuela, Iran?
Most of the other countries have things other than oil going for them.Like Angola, Venezuela, Iran?
Iran has 3 to 4 times Saudi Arabia's rainfall. That means agriculture is a possibility. Angola and Venezuela have 10x or more Saudi Arabia's rainfall. All three countries have other mineral resources. The Gulf Arab oil producers are in an excellent position demographically because their sparse resources prior to oil meant they had tiny populations. Even after massive increases in their populations, the numbers remain low relative to the oil revenues generated.
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