The sharp rebound in oil prices since the second half of 2020, to
nearly $70 per barrel in May 2021, represents only a temporary
respite for oil-dependent African economies that must change their
economic model very quickly.
The Covid-19 crisis has weakened the oil economies of the Gulf
of Guinea even more than those of other African countries,
aggravating a situation that had already become critical as of 2014-
2016, the previous period of oil price crisis. While all of Africa’s
OPEC producers entered recession in 2020, other historically low-volume
producers were much less affected by the economic
consequences of the pandemic and avoided economic recession.

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