The writer is a senior fellow and director of the Africa programme at the Carnegie Endowment for International Peace
Angola’s dramatic exit from the oil cartel Opec+ late last year was interpreted as a historic pivot to the west. The less understood but equally important factor in its departure was the diverging impact of oil production quotas between African countries and their counterparts in the Middle East, Asia and Russia.
Despite oil prices being high since 2021, most major African oil producers are not experiencing a boom. In the short term, this is affecting their fiscal positions. Longer term, it will reduce their access to the financial resources required to undertake development projects and transition to low-emissions economies.
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