Angola and Saudi Arabia to ensure rise in OPEC’s production capacity

13 April 2007

London, United Kingdom, 13 April – Angola and Saudi Arabia are to provide the increase in production capacity of the Organization of Petroleum Exporting Countries (OPEC), the International Energy Agency (IEA) said in London.

In its monthly report on the oil market, the IEA said that the cartel’s production capacity would rise by 2.6 million barrels per day by the end of next year.

“Saudi Arabia will sustain the expansion of OPEC’s capacity, after Angola’s short term increases,” the IEA said in the report.

The capacity of member countries is expected to rise by 7.7 percent, from 33.9 million barrels per day, at the end of 2006, to 36.5 million in 2008, the agency projected.

Angola and Iraq are currently the only two OPEC members not subject to production limits.

This week, OPEC announced that one of Angola’s three main varieties of oil would be part of its benchmark price index this year.

According to the latest figures from the IAE, OPEC’s production fell last month to a two-year low of 33.1 million barrels per day.

Excluding Angola and Iraq, the daily production of OPEC member countries fell by 220,000 barrels to 26.55 million (macauhub)