One might expect that, as a consequence of what has been a dramatic change from the old hit-or-miss wildcat oil exploration and development of the past, the cost of developing new fields and, hence, the long-term marginal cost of new oil have declined.
Since then, the country has managed to sustain this growth. In the last quarter of 2021, the economy grew by 7.7 percent, resulting in a 5.6-percent full-year growth, which is above the government’s target range of 5.0 to 5.5 percent. The employment situation has improved. Unemployment rate fell to 6.4 percent in January 2022 from the peak of 17.6 percent in April 2020.