The curse of oil on African nations

IN THE coming decades Africa’s oilfields may begin to rival the strategic significance of the Middle East’s reserves. As discoveries elsewhere steadily diminish, the global balance of oil wealth shifts towards Africa with every passing year.

Already, the US buys more oil from Angola and Nigeria than it does from Saudi Arabia.

Angola, the newest member of Organisation of Petroleum Exporting Countries (OPEC), has overtaken Nigeria to become Africa’s biggest producer, turning out almost 2 million barrels a day. In the next three years Angola will probably raise its daily output to match Kuwait’s 2.6 million barrels.

SydneyMorningHerald