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Angola’s recently revised budget passed by the country’s parliament pegs the country’s spending on a $40 per barrel price tag. The budget is based on Angola seeing a production boost of about 10% taking it to an average daily output of1.8 million.
The state news agency said the budget was severely slashed cutting spending by 1.8 trillion kwanza due to figures being based on the $40 per barrel price instead of the previous $81 per barrel price.
Oil accounts for around half of the country’s GDP so today’s current crude prices severely crimped the government’s spending plans.(By Africa Petroleum)