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An announcement by OPEC+ to cut production targets by 2 million barrels a day will be “extremely negative” for African economies, says Rita Babihuga-Nsanze, chief economist and head of research and strategy at the Africa Finance Corporation.
“Even countries that typically pass much of the oil price increase to their consumers will have to limit this, given the high rate of inflation and the cost of living crisis,” says Babihuga-Nsanze.
