Producers riding oil high? A win for SA public finances

Oil prices have surged this week, but Africa’s main oil exporters – Nigeria and Angola – are unlikely to reap the full benefits due to persistent oil output problems and the mounting costs of fuel subsidies. Elsewhere, a key risk to getting South Africa’s “fiscal house” in order was removed as the country’s highest court rejected public sector unions’ demand for backpay. That said, plenty of threats to the government's goal of stabilising the public debt ratio remain.