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Africa's Oil Windfall Set to Dwarf G8's Promise to Double Aid

Press Release

If crude oil prices remain at current levels, surpluses generated by Africa’s eight largest oil exporters could be worth US$ 35 billion (£19 billion) by 2015, dwarfing the pledge by G8 leaders at Gleneagles to double aid. According to Michael Warner, a Research Fellow at the Overseas Development Institute, this projected windfall, coupled with near-record high prices for several other commodities, could be enough to fund the Millennium Development Goals (MDGs).