Angola Plans to Cut 2015 Budget Oil Price to $40/bbl

Angola's cabinet has asked parliament to revise down the oil price assumption in the 2015 budget to $40 per barrel from its earlier projection of $81 per barrel, due to tumbling crude prices, the finance ministry said.

The oil price assumption cut would slash $14 billion from the budget, said a statement by the finance ministry seen by Reuters on Monday. The national assembly has until the end of next month to approve the changes, the ministry said.

Reporting by Joe Brock