“We do not expect that the oil prices will remain depressed forever, they will rise and fall again,” he added. While it is oil prices that have plummeted the most among African commodities, Zambia is also reeling from a similar fate. Average crude oil prices in 2014 were about $110 per barrel, before a relentless slump that only reversed in February from under $30 a barrel. Tea, coffee and horticulture are Kenya’s biggest exports, all enjoying relative price stability in the last year when crude oil prices fell by more than 60 per cent. Oil is the single biggest import commodity in Kenya, implying that any price reductions on the commodity translate to substantial amounts.

Source: Standard Digital May 12, 2016 15:37 UTC