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Republic of Congo

© UNICEF/Anton Skyba for The Globe and Mail

News in Brief 11 October 2022

  • Ukraine: UN rights office condemnation for wave of missile attacks
  • DR Congo sees deadly surge in intercommunal violence
  • WMO report urges swifter action on transition to clean energy

“Very significant shock” of lower oil prices in Africa

Eight oil-producing countries in Africa are facing a “very significant” economic shock following the collapse in oil prices over the past two years.

A barrel currently costs around US$50 on global markets, down from a high of US$125.

The countries mostly badly hit are Angola, Cameroon, Chad, Republic of Congo, Equatorial Guinea, Gabon, Nigeria and South Sudan.

By contrast, oil importing countries are benefitting from the price collapse.