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With its finances already suffering from a now 12-month civil war, South Sudan’s government is looking to Beijing in its latest efforts to safeguard its oil assets and boost production – the lifeblood of its nascent economy.
South Sudan’s embattled government has sought the help of China to boost output of its most critical resource – oil – as it looks to recover from the economic shock of the last 12 months of civil unrest and cushion itself from the precipitous slide in world oil prices from a mid-2014 high of $115/B to below $60/B today.
But with few signs, if any, of a breakthrough in the peace talks between the current leadership and the opposition rebels, and hostilities set to intensify with the onset of the dry season, chances for any marked boost in oil output in the short-term look slim to none – particularly in light of the critical role oil has played, and is still playing, in the protracted conflict. (CONTINUED - 1697 WORDS)
DATA INSIDE THIS ARTICLE
|table||South Sudan Crude Production (‘000 B/D)|