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China Bankrolled Massive Borrowing Among Africa’s Major Oil Exporters But What Happens Now That Crude Prices Have Crashed?

Image via Quartz.

Consider that on Thursday, February 20th, the price of a barrel of Angolan Cabinda oil was $62.19. Yesterday, just 26 days later, the price had fallen by almost half to $32.21.

Given the fact that this is pretty much the only way that Angola earns foreign exchange, both to sustain its economy and to repay its debts, a near 50% plunge in the value of its oil is catastrophic.

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