Angola faces drop in foreign reserves

LUANDA, Angola – Angola says its foreign reserves dropped by more than US$5 million in the first five months of the year and that it faces a 14,7 per cent budget deficit.

Those figures were shared with lawmakers Friday in a budget that had to be revised because the world’s appetite for oil is slowing in the economic meltdown.Angola’s National Assembly is to debate the new budget this week.The Organisation of the Petroleum Exporting Countries forecast Friday that demand for its crude this year would average 28,6 million barrels a day – 2,2 million barrels less than in 2008.Angola joined Opec in 2007, making it the newest member of the cartel. -Nampa-AP