Oil majors’ green energy pivot hammers Africa’s largest economiesBy Paul Burkhardt on 2/28/2021(Bloomberg) --The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry investment. The nation’s production has fallen by more than a third since 2015, when international oil companies started slashing investment in response to a plunge in crude prices. Crude output has held at a 15-year low of just below 1.2 million barrels a day since November, according to data compiled by Bloomberg. Even Libya, where the oil industry has been crippled by a decade-long civil war, pumped more crude than Angola in December. As Brent crude fell from above $100 a barrel to less than $30 within a couple of years, international oil companies slashed spending around the world.

Source: Libya Today February 28, 2021 12:21 UTC