Angola Sees Higher Oil Prices as Positive, Urges Caution
A worker walks on a Floating Production Storage and Offloading vessel off the coast of Angola in the Atlantic Ocean.
Photographer: Rodger Bosch/AFP/Getty ImagesAngola’s government views the recent surge in oil prices as positive for Africa’s third-largest crude producer, while cautioning that the rally may prove temporary and could drive up import costs.
Minister of State for Economic Coordination José de Lima Massano said on Friday that his administration is taking a “wait-and-see” approach even as crude trades well above the $61-a-barrel benchmark used in this year’s budget. Brent fetched more than $86 a barrel as the war in the Middle East entered its seventh day.