Oil has been pumped in the region since the 19th century. That attracted oil-related industries. Now these enterprises are feeling the pinch and canceling many investment projects. Companies in Celle have been hit, as well.
Jose Filomeno dos Santos has been accused of making a fraudulent $500 million transaction out of Angola's sovereign wealth fund. The case highlights the endemic cycle of corruption within the oil-dependent country.
Oil prices have jumped to levels last seen in 2014, after the United States decided to re-impose sanctions on Iran, threatening to tighten global oil markets and likely to derail billions of dollars in business deals.
Rising oil prices had whetted the appetites of Wall Street, yet the massive fourth-quarter profits of America's two biggest oil companies were weaker than expected and pushed stocks down.
Newly elected president Andres Manuel Lopez Obrador has said that his team will review state-owned oil company PEMEX. Rating agencies have warned that his proposed changes could hurt the industry.
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