Angola's fuel subsidies spending projected to hit $4 billion in 2026, official says

Angola may spend up to 3.8 trillion kwanzas (about $4.16 billion) on fuel subsidies in 2024, a sharp rise from the government’s earlier projection of less than 2 trillion kwanzas, a senior finance official told Reuters on Oct. 16. The escalation highlights fiscal pressure in the oil-producing country as energy prices climb amid the war in the Middle East, increasing the cost of keeping domestic fuel prices low. Ottoniel dos Santos said authorities want to accelerate subsidy removal, begun in 2023, but are cautious about the pace. Angola expects end-2024 oil prices near $90 per barrel versus a $61 reference for its 2026 budget, while planning 1.045 million barrels per day in 2027.