Botelho de Vasconcelos, Angola’s Minister of Petroleum has admitted that the current state of the price of crude oil in the world market is worrisome. He however believes that the situation may improve in the second quarter of 2015.
The Minister stated this while explaining a passage in the New Year message of the President José Eduardo dos Santos on Monday, who announced 2015 will be difficult economically because of significant drop in the price of crude oil.
“We know that our economy is based on oil. We must wait until the first quarter can bring completely different signals and maintains a growing trend in oil prices,” said the minister.
To him, this time is to live in a volatile environment in oil prices that are at a level that do not meet the development expectations of Angola.
To comment on the recent update of fuel prices at the country level, De Vasconcelos, explained that, “it is creating a different environment because revenues achieved by reducing subsidies will contribute to support some government projects and programmes.”

Johnson Alabi
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