The price of Brent crude oil reached a seven-year high of $87.26 a barrel on Tuesday. This was due to several factors including production interruptions in several countries and geopolitical tensions.
The price of Brent crude oil has traded at its highest level since October 2014, due to supply disruptions, high geopolitical tensions and strong demand.
Brent crude was trading for $87.26 a barrel (+0.9%), after climbing to $87.55 earlier in the session. It thus cheerfully surpassed its October 2014 level ($86.74).
U.S. WTI gained 1.25% to $84.87 a barrel, closing in on its October peak of $85.41, which was the highest since 2014.
This spectacular rise in the price of oil, which according to experts is not over, will be of great benefit to producing countries, including Gabon, which will find new room for maneuver to finance its investment and social spending, reform itself and also continue to reduce its debt.
Gabon is considered the best managed country in Central Africa by the IMF. In particular, over the past two years, it has put an end to mismanagement in its public finances through the establishment of task forces on internal and external debt, overseen by the former coordinator general of presidential affairs, Noureddin Bongo Valentin. Their work has allowed the Gabonese state to save more than a thousand billion CFA francs.