Double whammy of plunging oil and pandemic hits African producers
Nigeria, Angola and Algeria cannot compete with the lower costs of erstwhile allies Saudi Arabia and Russia
30 March 2020 - 10:32
Lagos — Collapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle the coronavirus pandemic, but also a fall in hard-won market share they may never regain.
The continent’s producers such as Nigeria, Angola and Algeria cannot compete with the lower costs of erstwhile allies Saudi Arabia and Russia, who are flooding the market with oil...
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