OPEC to decide by September which variety of Angolan crude to be part of benchmark index

11 April 2007

Vienna, Austria, 11 April – The Organization of Petroleum Exporting Countries (OPEC) said Tuesday in Vienna it would decide by September which variety of Angolan crude oil would be included in the benchmark index for member-countries of the cartel.

Angola, which since January has been the 12th member of OPEC, is the only country not yet represented in the cartel’s index and has three different varieties of crude oil – Cabinda, Palanca and Girassol.

The next OPEC ministerial conference has been set for September 11 in Vienna and the final decision will be made then.

Angola, which is currently the second-largest oil producer in sub-Saharan Africa, after Nigeria, and Iraq are the only two OPEC members not currently subject to production limits.

The Angolan oil minister, Desidério Costa, has said that the cartel could impose a production quota on the country in the future.

OPEC’s benchmark index is established according to production and export levels of member countries. (macauhub)