The impact of drop on oil prices on Central african countries in 2015

8/19/2019 The impact of drop on oil prices on Central african countries in 2015

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THE IMPACT OF THE DROP OF OIL’S PRICES IN CENTRAL AFRICAN COUNTRIES IN

2015

Expose of Business English

Theme: THE IMPACT OF TH E DROP OF OIL PRICESON THE ECONO MY OF CENTRAL AFRICAN

COU NTRIES IN 2 15

Written by:

NANA Lauranne TONYE Benoit WAMBA Leyna YABET Kévin YOUDOM Biko

Teacher: Mrs DJOCKOUA

Academic Year 2015 2016

CATHOLIC UNIVERSITY OF CENTRAL AFRICA

CATHOLIC INSTITUTE OF YAOUNDÉ

FACULTY OF SOCIAL STUDIES AND MANAGEMENT

Master Accounting and finance II


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Table of contentsINTRODUCTION ....................................................................................................................................... 3

PART 1: ORIGINS AND CAUSES OF THE CRISIS......................................................................................... 4

Demand of crude oil ............................................................................................................................ 5

Supply of crude oil ............................................................................................................................... 6

Financial markets................................................................................................................................. 8

Relation between oil and dollar .......................................................................................................... 8

Geopolitical context ............................................................................................................................ 9

PART 2: CONSEQUENCES OF THE DROP ON OIL PRICES ON CENTRAL AFRICAN COUNTRIES IN 2015 . 10

Case of Cameroon ............................................................................................................................. 10

Case of Gabon ................................................................................................................................... 10Case of Equatorial Guinea ................................................................................................................. 11

Case of Congo .................................................................................................................................... 11

Case of Central African Republic ....................................................................................................... 12

Case of Chad ...................................................................................................................................... 12

Case of Democratic Republic of Congo ............................................................................................. 12

PART 3: SUGGESTED SOLUTIONS .......................................................................................................... 13

CONCLUSION ......................................................................................................................................... 15

SOURCES: ............................................................................................................................................... 15

Webography: ..................................................................................................................................... 15

Videography: ..................................................................................................................................... 15

Bibliography:...................................................................................................................................... 16

List of tables and of chartsTable 1: Macroeconomics indicators for Gabon ................................................................................... 11

Chart 1: Evolution of oil prices ............................................................................................................... 4Chart 2: Global oil demand ..................................................................................................................... 5Chart 3: GDP growth in the world .......................................................................................................... 6Chart 4: Variation of oil demand (in millions of barrel per day) ............................................................ 6Chart 5: Variation of production of oil (in millions of barrel per day) ................................................... 7Chart 6: Relation between oil and dollar ................................................................................................. 8Chart 7: Relation between dollar and oil (with opposite scale for oil) .................................................... 9Chart 8: Geopolitical risk ......................................................................................................................... 9Chart 9: Global production of biofuels .................................................................................................. 13


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INTRODUCTIONPetrol is nowadays, the main resource used all over the world. In all the sectors of the

economy, products manufactured with crude oil are involved. This phenomenon is critical,especially when prices rise or fall. In fact, the price of petrol affects all if not a large majority

of products in our society. This shows the link between petrol and the economy of a society, a

country, a firm, a person…etc.

Africa is one of the richest, if not, the richest continent in the world in terms of natural and

mineral resources; as far as some engineers said that some African countries can be qualified

as “ geological bombs ”. Oil (crude oil) is one of the most exploited resources in Africa since

and even before the independence of these countries. Although the exploitation of crude oil is

made by many national African companies such as SONARA in Cameroon, many

international and transnational companies such as Schlumberger or Total are the real

recipients or beneficiaries of the activity of pumping oil in the subsoil or on the seashore of

African countries; and in fact, those corporations are working for their countries, which in this

case are Occidental Countries such as France , USA (United States of America) or UK

(United Kingdom, Great Britain).

But the problem is that despite of the possession of the most precious minerals in the world,

African countries are still struggling to come out of poverty, corruption, mismanagement of

funds; in order to reach emergence and development. The specific case of crude oil can be

examined to show why African countries economies are in mess, or are unable to improve in a

world set by globalization and internationalization. To achieve this goal, the analysis of the

drop on the price of crude oil which occurred during the month of June 2014 will be discussed

throughout this essay, and the focus of this study will be made on the impact of the drop on

oil pri ces on the economy of centr al A fr ican countr ies in 2015: cases of Cameroon, Congo

DR, Congo, Gabon, Equatori al Guin ea, Chad and Centr al A fr ican Republi c.

As an attempt to solve this problematic, the following plan will be displayed, in the next

paragraphs:

- Part 1: Origins and causes

- Part 2: Consequences on central African countries

- Part 3: Some solutions for central African countries


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PART 1: ORIGINS AND CAUSES OF THE CRISIS

Considering the “Global economic prospects” 1, of the month January 2015, in its chapter 4,

four (4) causes can be listed, in order to explain why oil prices began to drop since the middleof the year 2014 (June 2).

Those factors are:

- Trends in supply and demand

- Changes in OPEC objectives

- Receding geopolitical concerns about supply disruptions

- U.S. dollar appreciation

Chart 1: Evolution of oil prices

Source: Data taken from “The oil price shock of 2014”, Zhenbou Hou and al. Page 8/53

According to the Zhenbou Hou and al 3, the causes of the drop on oil prices could be:

- Supply drivers

1 Global economic prospects | January 2015, Chapter 4 « What are the causes of the sharp drop ? » Page 156-1572Trois graphiques pour comprendre la baisse des cours du pétrole, www.lemonde.fr/

3 The oil price shock of 2014, Drivers, impacts and policy implications,

0 20 40 60 80 100 120

janv.-14

mars-14

mai-14

juil.-14

sept.-14

nov.-14

janv.-15

Crude oil Brent

Crude oil Brent

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- Demand drivers

- Geopolitical and other considerations

The following argumentation focuses the description of the origin of the fall on crude oil

prices according to the channel Xerfi Canal , but also considers the notes given by:

- the authors of the book “The oil pri ce shock of 2014, Dr ivers, impacts and

policy impl ications ”, and

- a study published by the magazine Global economic prospects in January 2015

entitled “ Understandin g the Plunge in Oil Pri ces: Sources and I mpli cations ”.

Demand of crude oilGreat experts predicted the course of the barrel of crude oil around $200 to $250 between

2009 and 2010. But in the middle of the year 2014 , the price of crude oil began to fall to the

extent that in the month of February 2015, the percentage of loss was about 30-50%. The first

reason to explain this phenomenon is the trend of both supply and demand.

In fact, after the recession following the 2008 financial crisis, the slowdown of the economic

growth in Europe (France, Spain, Portugal…), the brea kdown of the development of emerging

countries such as Brazil … , the recent recession of the economy of China, had a significant

effect on the world ’s demand for crude oil.

Chart 2: Global oil demand 4

4 This graphic includes the demand for crude oil, biofuels and liquids

Source: Global economic prospects, January2015, Chapter 4 “ What are the causes of thesharp drop ?” Page 156-157.

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Chart 3: GDP growth in the world 5

Because of these factors , the level of the demand for crude oil had reduced, and this was

clearly shown by a drop of the number of barrels asked on the market from 1.4 million barrels

between 2000 and 2007 to 738,000 barrels per day between 2007 and 2014, which represents

a reduction of 50%.

Chart 4: Variation of oil demand (in millions of barrel per day)

Source: XERFI Canal: Comprendre les mécanismes de la baisse des cours du pétrole.mp4

Another cause for the drop of oil prices is the increasing use of biofuels in time.

Supply of crude oil

5 This pictur e explains the breakdown of the development of emerging countries such as Brazil…

Source: Global economic prospects, January2015, Chapter 4 “ What are the causes of thesharp drop ?” Page 156-157.

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- USAThe strategy of the United States of America of producing shade oil or schist oil had

significantly overthrown the price of crude oil on the market. In fact, the USA had limited

their importations of crude oil and at the same time, had overflown their national market by

producing oil made of schist. In 2014 , USA produced schist oil for about $45 a barrel 6,

which is a record and a challenge to the concurrence.

- OPEC: Saudi Arabia, Nigeria… Saudi Arabia, one of the leaders of the OPEC (Organization of Petroleum Exporters

Countries) , decided to practice an aggressive policy of maintaining its market shares by

producing more oil, though the prices of crude oil by the time of that decision, were already

decreasing, and so will deeply fall. Other producers of crude oil like Nigeria or Venezuela had

no choice than to follow the leader, in order to maintain their principal foreign source of

income constituted by exportation of hydrocarbons, especially crude oil.

The direct consequence of these decisions was the rise of the level of production of crude oil

on the market, for about 7% , compared to its level between 2000 and 2007.

Chart 5: Variation of production of oil (in millions of barrel per day) 7


6 « La baisse des prix du pétrole, impact sur les budgets des Etats africains » ; interview realized on Africa n°1 by Stéphanie HARTMAN to José L. BERRE MENE on Tuesday 27th January 20157 The graphic here shows the increase of the production of crude oil by measuring the intensity per day, but to

see clearer the effect on the market, it is necessary to multiply the amounts to obtain the results per month, andso per contract of exchange.

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Chart 7: Relation between dollar and oil (with opposite scale for oil)


Geopolitical contextOil is a very powerful weapon in diplomatic and economic relations between countries. Oil

has become a geostrategic issue in the 21 st century (and even before). In fact, the fall of the

prices of crude oil affected mostly countries like Russia , Venezuela , Iran and also ISIS (Islamic State in Iraq and Syria).

Chart 8: Geopolitical risk

Source: Global economic prospects, January2015, Chapter 4 “ What are the causes of thesharp drop ? ” Page 156-157.

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PART 2: CONSEQUENCES OF THE DROP ON OIL PRICES ON CENTRAL AFRICAN COUNTRIES IN 2015

The precipitate and unexpected drop of the price of the barrel was an important shock for thecountries producers of oil of the central Africa. It resulted in less incomes bound to the export

of the hydrocarbons. It touched especially some more dependent countries of the crude oil

production (Congo, Gabon, the Equatorial Guinea and Chad) and less the other (Cameroon

and The Central African Republic).The present forecasting of many observers indicate that

the prices of the crude oil will remain relatively low for the short/medium term ( drop of more

than 46% of the price of the barrel in relation to 2014 )8.

Case of CameroonMainly exporter of crude oil and agricultural products also none transformed, Cameroon is

classified in a group of African countries greatly touched by the decrease of the world courses

of these raw materials and responsible of a continuous deterioration of the terms of the

exchange, of about 10% currently for its national economy, according to the World Bank.

This deterioration of terms of the exchange is especially owed to the decrease of the prices of

the cocoa and oil, of which the impact on its returns settles respectively to 7 and 4%,

according to the editorial staff of the report Africa's Pulse conducted by Punam Chuhan- Pole

and Francisco H.G. Ferreira. Thus, the objective of growth fixed to 6% in 2014 had cannot be

achieved. Indeed after a jump to 5.5% in 2013, the Cameroonian economy had contracted

itself then to 5.3%.

Besides, this crisis is going to involve a revision of the budget of 2015. Indeed, the oil returns

represent, more or less, 1/5th of the budget of the state. However, according to Bella Lazare,

technical adviser to the ministry of finance, this budget would have been elaborated on

forecasting of 89 dollars/barrel, whereas the price of the barrel on the world market oscillates

around 50 dollars since the beginning of the year.

Case of GabonThe impact of the decrease of the prices and the production of oil on the public finances

underlines a new time the vulnerability of Gabon facing the external shocks. Indeed, the fall

of the oil returns drove the authorities to review the budget of the state of 11.4% to the

decrease. This contraction penalized, with delays of payment, the financial situation of the8 AFRIKIPRESSE.fr, consulted the 22/07/2015


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small and medium enterprises (SME), whose state constitutes the main customer. The year

2014 has been marked otherwise by inflationary tensions, with an increase in prices estimated

to 6%. The country also knew social tensions in 2014 and during this year, with the recurrent

strikes of the agents of the public function as well as the main union of the sector of thehydrocarbons.

Table 1: Macroeconomics indicators for Gabon

Elements 2013 2014 (e) 2015 (f) 2016 (f)

Growth of the GDP 5.6% 5.1% 4.6% 4.7%

Growth rate of the real GDP

per capita

3.2% 2.8% 2.3% 2.4%

Inflation 0.5% 6% 3% 2.9%

Budgetary balance (% GPD) -3.2% -6.6% -13.2% -11.8%

Checking account (% GPD) 12.1% 6.7% -8.1% -4.6%

Source: Figures of the national administrations; calculations of the authors for the

evaluations (e) and the forecasting (f).

Case of Equatorial GuineaEssentially carried by its hydrocarbons, with a production of about 300,000 barrels of oil per

day, the Guinean economy crossbar today of the difficult moments. The drop of the prices of

oil since the beginning of the year entailed a decrease unavoidable of the returns of the

country. Indeed, the price of oil is lowered of near 50%, passing $115 in last June to $60 in

end September. According to the Guinean economist AGAPITO EDU, for every million of

barrels that it exported in beginning of year, the country hoped to receive CFA F 100 millionof them; today her in doesn't wait less nearly half.

Case of CongoDuring several years, the dynamism of the economy of Congo has been carried by the price

raised of the barrel of oil, generating important returns to the point to accumulate reserves of

considerable mottos. The brutal reversal of the course of the barrel affected all its economy.

On the occasion of the meeting of the ministers of the union economic of the central Africa,

held in this case in Libreville in December 2014, the monetary authorities of the countries ofthe CAEMC (Central African Economic and Monetary Community), the governor of the


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Bank of the States of the central Africa reviewed to the decrease its growth rate, bringing back

it of 6.7% to 5.4%. According to the Ex-president of the Commission of Inspection of the

financial market of the Central Africa, Alexander GANDOU 9 "the falls of the prices increases

the risks of instability or even in Congo country exporter of oil, placing it brutally in thedifficulties, in the inability to finance its social politics ". Indeed, with a budget financed to

80% by the returns of oil of which the price to fallen of half, the shock is resounding and call

a suitable riposte.

Case of Central African Republic

The CAR has not really been touched by the crisis because his economy is essentially carried

by its agricultural sector. Indeed this last represents more than 50% of its GDP and constitute

the main source of employment. So, according to Economic Commission for Africa of the

United Nations, thanks to the decrease of the international prices of oil the inflation in CAR

would move back from 6.4% in 2014 to 3.3% in 2015. Let's note that this country has

numerous resources as oil and the energy hydroelectric, potentially important but that remain

under-exploited on this day.

Case of ChadThe Chadian economy is strongly dependent of oil. Oil represents more of 80% of the total

exports and more of 60% of the public returns. This strong dependence of the public finances

of the economy to the oil returns the perspectives very sensitive to the variations of the price

of oil. Indeed the present downfall of near 50% of the price of oil should entail a decrease of

the oil returns of at least 30% and of the global public returns of the order of 19.5% 10.

Case of Democratic Republic of CongoAlthough its economy is not totally depending on oil like the neighboring Congo, the crisis of

oil seems to have negative impacts on the finances of the DR of Congo. Indeed, the fall of the

courses entailed the decrease of the oil returns to the budget of the state; these passed of 30

million USD per month to about 16 million per month. Following this crisis, the minister of

the Congolese economy promised" the decrease of the prices of the fuel liter to the pump ”.

9Alexandre Gandou « La chute des cours du pétrole accroît les risques d’instabilité au Congo» , http://www.dac-

presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.html 10 http://www.crosted-td.org/2015/05

http://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.html


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PART 3: SUGGESTED SOLUTIONS

African countries should begin now to look for alternatives solutions than crude oil, because

by the end of the 21 st century, if the rhythm of consumption of crude oil continues like this,

this source of income will disappear . Indeed, many countries have begun to exploit biofuels

and other mineral resources, such as shade oil or schist oil . The coming conference about

global warming “COP 21 ” at Paris will enlarge the shape of the clean energy, certainly by

laws and rules which will enforce countries, governments and societies to be more responsible

of the environment ( Corporate Social Responsibility ). So there is a need to promote

ecological and renewable energies (solar energy, biofuels, wind energy);

Chart 9: Global production of biofuels

Really to avoid political fights and corruption, which occurs over the management of mineralresources such as crude oil in Africa, there is a need to set a sophisticated system of barter

where oil is not exchanged for money, but oil is traded for technology, but also to fight

corruption inside the government and societies concerned about the management of mineral

resources. Indeed, many countries have discovered their mineral resources; examples are

USA, France and China with shade or schist oil . The diversification of the economy through

agriculture, fishing, cattle rearing, can help African countries to not be so dependent on crude

oil for meeting their needs for development. This crisis is a very great occasion for central

African countries to stop and cut the subventions provided for the reduction of the price of

Source: Global economic prospects | January 2015,Chapter 4 « What are the causes of the sharpdrop ? » Page 156-157

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crude oil. But the problem which remains is the industrialization of the central African

economies with the creation of factories which will not only transform crude oil, but also

enlarge the industrial sector to collateral uses of oil in term of manufactured products.

These are good ideas for a long perspective, but now, central African countries need to

reduce interest rates at the level of the Central Bank (BEAC), reduce the expenses of the

government and companies (such as SONARA, GDE ) in charge of the production of crude

oil. Also governments have to review national budgets in order to make some cuts where the

need is not urgent. Central African countries can issue Treasury Bonds , use their reserve

assets (gold) or constitute a large sovereign wealth fund in order to reduce the impact on

their economies.


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CONCLUSION

In summary, the weak prices of oil will have different impacts in the Central Africa zone

according to the economic structure of each country. A less expensive barrel will exposethe countries producers to new risks. Oppositely, that situation will reduce the pressure on

the countries which import crude oil. For a prospective outlook, if central African

countries apply successfully these recommendations, definitely they will leave their

position of followership to a position of leadership..

SOURCES:

Webography:- http://www.congo-site.com ;http://www.dac-presse.com/actualites/a-la-

une/economie/1994-2015-01-24-20-13-19.html ; posted at 11 October 2015

- http:// www.Journal Du Cameroun.com ;

- http:// www.allAfrica.com;

- http://www.bsi-economics.org .

- http:/ /www.lemonde.fr/ ;“Trois graphiques pour comprendre la baisse des cours du pétrole ” ; consulted at 22 October 2015

- http://www.Afrikipresse.fr

Videography:

- AFRICA NEWS ROOM - Chute des cours du pétrole en Guinée équatoriale.mp4 ;

https://www.youtube.com/?hl=fr&gl=FR ; downloaded at October 13 2015

- La chute des cours du pétrole pose des défis pour le Moyen- Orient et l’Afrique du

Nord.mp4 ; https://www.youtube.com/?hl=fr&gl=FR ; downloaded at October 13

2015

- XERFI Canal: Comprendre les mécanismes de la baisse des cours du pétrole.mp4 ;

https://www.youtube.com/?hl=fr&gl=FR , downloaded at October 16 2015

- « La baisse des prix du pétrole, impact sur les budgets des Etats africains » ;

https://www.youtube.com/?hl=fr&gl=FR ; interview realized on Africa n°1 by

Stéphanie HARTMAN to José L. BERRE MENE on Tuesday 27th January 2015

http://www.congo-site.com/http://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.allafrica.com/http://www.bsi-economics.org/http://www.bsi-economics.org/http://www.lemonde.fr/mailto:http://www.lemonde.fr/les-decodeurs/article/2014/12/02/trois-graphiques-pour-comprendre-la-baisse-des-cours-du-petrole_4532793_4355770.htmlmailto:http://www.lemonde.fr/les-decodeurs/article/2014/12/02/trois-graphiques-pour-comprendre-la-baisse-des-cours-du-petrole_4532793_4355770.htmlmailto:http://www.lemonde.fr/les-decodeurs/article/2014/12/02/trois-graphiques-pour-comprendre-la-baisse-des-cours-du-petrole_4532793_4355770.htmlmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?requiressl=yes&itag=18&source=youtube&fexp=9406983,9408710,9414764,9416126,9417707,9420348&ipbits=0&pl=19&dur=758.665&key=cms1&upn=mfl0yL6EiJg&ratebypass=yes&lmt=1435945057987831&expire=1444767378&ip=4mailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?requiressl=yes&itag=18&source=youtube&fexp=9406983,9408710,9414764,9416126,9417707,9420348&ipbits=0&pl=19&dur=758.665&key=cms1&upn=mfl0yL6EiJg&ratebypass=yes&lmt=1435945057987831&expire=1444767378&ip=4https://www.youtube.com/?hl=fr&gl=FRhttps://www.youtube.com/?hl=fr&gl=FRmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?key=cms1&mime=video/mp4&fexp=9406983,9408710,9414764,9416126,9417707,9420348&dur=321.782&sver=3&ratebypass=yes&requiressl=yes&itag=18&source=youtube&sparams=dur,expire,id,initcwndbps,ip,ipbits,itag,lmtmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?key=cms1&mime=video/mp4&fexp=9406983,9408710,9414764,9416126,9417707,9420348&dur=321.782&sver=3&ratebypass=yes&requiressl=yes&itag=18&source=youtube&sparams=dur,expire,id,initcwndbps,ip,ipbits,itag,lmtmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?key=cms1&mime=video/mp4&fexp=9406983,9408710,9414764,9416126,9417707,9420348&dur=321.782&sver=3&ratebypass=yes&requiressl=yes&itag=18&source=youtube&sparams=dur,expire,id,initcwndbps,ip,ipbits,itag,lmtmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?key=cms1&mime=video/mp4&fexp=9406983,9408710,9414764,9416126,9417707,9420348&dur=321.782&sver=3&ratebypass=yes&requiressl=yes&itag=18&source=youtube&sparams=dur,expire,id,initcwndbps,ip,ipbits,itag,lmtmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?key=cms1&mime=video/mp4&fexp=9406983,9408710,9414764,9416126,9417707,9420348&dur=321.782&sver=3&ratebypass=yes&requiressl=yes&itag=18&source=youtube&sparams=dur,expire,id,initcwndbps,ip,ipbits,itag,lmtmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?key=cms1&mime=video/mp4&fexp=9406983,9408710,9414764,9416126,9417707,9420348&dur=321.782&sver=3&ratebypass=yes&requiressl=yes&itag=18&source=youtube&sparams=dur,expire,id,initcwndbps,ip,ipbits,itag,lmthttps://www.youtube.com/?hl=fr&gl=FRhttps://www.youtube.com/?hl=fr&gl=FRmailto:https://r5---sn-4g57knld.googlevideo.com/videoplayback?fexp=9408710,9408941,9412514,9413128,9414764,9415416,9415436,9416126,9416729,9417707,9418612,9419444,9421210,9421461,9422491,9422506&id=o-AIv2b-4IeyqtnDHFIk5HRMndsgozxA_UL2BU1lwYutKB&ipbits=0&source=yomailto:https://r5---sn-4g57knld.googlevideo.com/videoplayback?fexp=9408710,9408941,9412514,9413128,9414764,9415416,9415436,9416126,9416729,9417707,9418612,9419444,9421210,9421461,9422491,9422506&id=o-AIv2b-4IeyqtnDHFIk5HRMndsgozxA_UL2BU1lwYutKB&ipbits=0&source=yohttps://www.youtube.com/?hl=fr&gl=FRhttps://www.youtube.com/?hl=fr&gl=FRhttp://localhost/Downloads/P%C3%A9trole/Vid%C3%A9os%20expo%20anglai/Afrique/Autres%20Afrique/La%20baisse%20des%20prix%20du%20p%C3%A9trole,%20impact%20sur%20les%20budgets%20des%20Etats%20africains.mp4http://localhost/Downloads/P%C3%A9trole/Vid%C3%A9os%20expo%20anglai/Afrique/Autres%20Afrique/La%20baisse%20des%20prix%20du%20p%C3%A9trole,%20impact%20sur%20les%20budgets%20des%20Etats%20africains.mp4https://www.youtube.com/?hl=fr&gl=FRhttps://www.youtube.com/?hl=fr&gl=FRhttps://www.youtube.com/?hl=fr&gl=FRhttp://localhost/Downloads/P%C3%A9trole/Vid%C3%A9os%20expo%20anglai/Afrique/Autres%20Afrique/La%20baisse%20des%20prix%20du%20p%C3%A9trole,%20impact%20sur%20les%20budgets%20des%20Etats%20africains.mp4https://www.youtube.com/?hl=fr&gl=FRmailto:https://r5---sn-4g57knld.googlevideo.com/videoplayback?fexp=9408710,9408941,9412514,9413128,9414764,9415416,9415436,9416126,9416729,9417707,9418612,9419444,9421210,9421461,9422491,9422506&id=o-AIv2b-4IeyqtnDHFIk5HRMndsgozxA_UL2BU1lwYutKB&ipbits=0&source=yohttps://www.youtube.com/?hl=fr&gl=FRmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?key=cms1&mime=video/mp4&fexp=9406983,9408710,9414764,9416126,9417707,9420348&dur=321.782&sver=3&ratebypass=yes&requiressl=yes&itag=18&source=youtube&sparams=dur,expire,id,initcwndbps,ip,ipbits,itag,lmtmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?key=cms1&mime=video/mp4&fexp=9406983,9408710,9414764,9416126,9417707,9420348&dur=321.782&sver=3&ratebypass=yes&requiressl=yes&itag=18&source=youtube&sparams=dur,expire,id,initcwndbps,ip,ipbits,itag,lmthttps://www.youtube.com/?hl=fr&gl=FRmailto:https://r6---sn-cg07luee.googlevideo.com/videoplayback?requiressl=yes&itag=18&source=youtube&fexp=9406983,9408710,9414764,9416126,9417707,9420348&ipbits=0&pl=19&dur=758.665&key=cms1&upn=mfl0yL6EiJg&ratebypass=yes&lmt=1435945057987831&expire=1444767378&ip=4mailto:http://www.lemonde.fr/les-decodeurs/article/2014/12/02/trois-graphiques-pour-comprendre-la-baisse-des-cours-du-petrole_4532793_4355770.htmlmailto:http://www.lemonde.fr/les-decodeurs/article/2014/12/02/trois-graphiques-pour-comprendre-la-baisse-des-cours-du-petrole_4532793_4355770.htmlhttp://www.lemonde.fr/http://www.bsi-economics.org/http://www.allafrica.com/http://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.dac-presse.com/actualites/a-la-une/economie/1994-2015-01-24-20-13-19.htmlhttp://www.congo-site.com/


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2015

Bibliography:- Bigsten, A. (2014), “ Dimensions of income inequality in Africa ”, WIDER Working

Papers , No. 2014/050, United Nations University World Institute for Development

Research, Helsinki;

- Paulais, T. (2012), Financer les villes d’Afrique : l’enjeu de l’investissement local,

Banque mondiale et BAD, Washington, DC, et Paris.

- Global economic prospects | January 2015, “Understanding the Plunge in Oil Prices:

Sources and Implications ”; http://www.worldbank.org ; downloaded on October 16

2015

- Zhenbou Hou and al., “ The oil price shock of 2014, Drivers, impacts and policyimplications ” ; http://www.odi.org ; downloaded on October 16 2015
mailto:https://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015a/pdfs/GEP2015a_chapter4_report_oil.pdfmailto:https://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015a/pdfs/GEP2015a_chapter4_report_oil.pdfmailto:https://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015a/pdfs/GEP2015a_chapter4_report_oil.pdfmailto:https://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015a/pdfs/GEP2015a_chapter4_report_oil.pdfhttp://www.worldbank.org/http://www.worldbank.org/mailto:http://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/9589.pdfmailto:http://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/9589.pdfmailto:http://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/9589.pdfhttp://www.odi.org/http://www.odi.org/http://www.odi.org/http://www.odi.org/mailto:http://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/9589.pdfmailto:http://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/9589.pdfhttp://www.worldbank.org/mailto:https://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015a/pdfs/GEP2015a_chapter4_report_oil.pdfmailto:https://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015a/pdfs/GEP2015a_chapter4_report_oil.pdf

Documents

The impact of drop on oil prices on Central african countries in 2015