The steady decline in crude oil prices from 2014 peaks above $100 per barrel has left lasting impacts on the economy of OPEC-member Angola, the International Monetary Fund said. Angola is one of the lesser producers in the Organization of Petroleum Exporting Countries, accounting for less than 1 percent of the total output from the group. Oil supports about 45 percent of the nation’s economy and nearly all of its exports. An assessment from the IMF found the decline in crude oil prices since 2014 caused severe damage to the Angolan economy. “Fiscal revenue and exports fell substantially, economic growth came to a halt, and inflation accelerated sharply to levels not seen in over a decade,” Ricardo Velloso, the IMF division chief for Angola, said in a statement. Angola, under the terms of a managed decline agreement from OPEC, committed to cut about 78,000 […]