But the impact of the price slump is still being felt in Africa’s oil and gas exporters. With the crash in oil prices, the government announced in May that it would slash the 2020 national budget by 50 percent. The natural gas sector recorded a growth rate of 4.5 percent in the first half of the 2019/20 year but the effect on the pandemic on the industry is yet to be determined. A new gas export terminal that was set to reopen in June is currently facing uncertainty due to the collapse in negotiations between stakeholders. Libya’s oil production is set to nearly halve in the coming years due to the oil blockade.

Source: The North Africa Journal July 16, 2020 12:33 UTC