Dangers of Big Oil Spending Cuts Are Visible in Angola’s Slump
- OPEC member’s production has slumped by a third in five years
- Nigeria may face similar fate as industry curbs spending again
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The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry investment.
The nation’s production has fallen by more than a third since 2015, when international oil companies started slashing investment in response to a plunge in crude prices. Despite government efforts to stimulate activity, just a handful of drilling rigs now work in the deep Atlantic waters that hold the country’s greatest resources.