Getting tough with the petro-elites

The world’s fastest growing source of oil is West Africa. The United States imports more crude from West Africa than from Saudi Arabia and Kuwait combined; Angola has become China’s biggest supplier; the European Union imports almost one fifth of its oil from Africa.

The African petrodollars, however, benefit only kleptocratic elites. Angola is a case in point. Five years after the end of the civil war, people are still waiting for a development dividend from the country’s oil riches while Luanda’s elite is awash in oil cash.


The word is out on the “oil curse.” But there is nothing (super)natural about the mismanagement of Africa’s oil revenues. It is the direct result of the longstanding partnership between oil producing states, oil companies and consumers. As long as Africa supplies the oil, no further questions asked.

The Group of 8 industralized countries has finally started to challenge the one-dimensional realpolitik approach. Under German and British leadership the issue of transparency and good governance in Africa’s oil producers will feature prominently at the approaching Heiligendamm summit meeting.

IHT