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Vol 67 No 7

Published 3rd April 2026


Angola

Boom at the top, struggle at the bottom

The oil revenues are rising, but with over 40% of the budget swallowed by debt servicing, the gains are not reaching those who need them most

When the Iran war pushed Brent crude well past the $100 mark, Angola’s government responded with caution. For a country that budgeted 2026 revenues assuming oil prices at just $61 a barrel, the windfall looks transformative on paper – yet the arithmetic of Angola’s political economy is more complex. Higher oil prices simultaneously inflate the fuel import bill for a country that refines only a quarter of its own needs, revive pressure to expand politically sensitive fuel subsidies and risk reigniting inflation.

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