Cheap Oil and Africa: The Winners, Losers, and In-Betweeners

When OPEC signaled that it would not put the brakes on oil production in late November, crude’s price plunged. The drop has caused particular hardship in some African countries while proving to be a boon in others.

Here’s a brief rundown of how some of the continent’s key economies are affected by falling oil prices.

The Winners: The drop is extremely good news for oil-importing South Africa. In fact, Oxford Economics estimates that the South African economy can expect a +1.0% boost to GDP growth over the next year if oil prices hover around $40 per barrel.

Read more: Cheap Oil and Africa: The Winners, Losers, and In-Betweeners.

Recommended