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This OPEC country has just witnessed historic political change, but who's really in charge? 2017-08-28

Angola, OPEC member and Africa's second largest oil producer, has just witnessed historic political change. The country has elected its first new president in 38 years, but despite this political milestone, analysts CNBC spoke to expect little upheaval for a country hit hard by the drop in the price of oil.

With 98 percent of votes now counted from Wednesday's election, Joao Lourenco, defense minister for the ruling People's Movement for the Liberation of Angola (MPLA) and named successor to former president Jose Eduardo dos Santos, looks set to take the country's top job.

Dos Santos is Africa's second longest ruling leader after Equatorial Guinea's Teodoro Obiang Nguema Mbasogo, who beats him to the record by just one month. The MPLA claimed victory – widely expected by onlookers – Thursday.

Though the MPLA did lose some ground to other parties in this week's vote, the dos Santos family retains a firm grip on Angola's economy through its key institutions. Dos Santos' daughter Isabel, Africa's richest woman, is chief executive of Sonangol, the country's state oil company. Meanwhile, his son Jose Filomeno heads up the country's $5 billion sovereign wealth fund.

--News from www.cnbc.com/
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