The international crude oil price hit a new high since 2008, how will it affect the financial reserves of Angola?

    The price of a barrel of U.S. WTI crude topped $115 for the third time on March 3, the highest since 2008. Meanwhile, Brent fell to $117.78 after hitting $119.84.

    The increase in national oil prices was caused by the Russian-Ukrainian war. Russia is the third largest oil producer in the world.

    The export of oil and gas fuels has become more difficult under sanctions imposed by many countries in the West, Europe and the United States against Russia's war effort.

    At 5:45 a.m. ET on the 3rd, West Texas Intermediate (WTI) crude oil rose 4.18% to $115.26 a barrel after reaching a peak of $116.57, while Brent crude oil rose 4.19% to $117.78 after reaching $119.84 Dollar.

    On March 3, Angola's Minister of Finance, Villa Daves, said in Luanda that although the international oil price has skyrocketed, it has not created a 100% opportunity for the country's financial reserves.

    She said that despite the rise in the price of a barrel of oil, Angola had committed to repaying its foreign debt, partly with oil. "There are debt service agreements that dictate higher payments as oil prices rise."