Sonangol says OPEC quote of 2.5 million barrels is sufficient for Angola

3 October 2007

Lisbon, Portugal, 3 Oct – A quota of 2.5 million barrels of oil per day set by the Organization of the Petroleum Exporting Countries (OPEC) is sufficient for Angola, the chief executive of Angolan state oil company Sonangol, Fernando Roberto said in Lisbon Tuesday.

Angola joined OPEC in January, together with Iraq, and has so far been exempted from fulfilling quotas, by the oil-producing cartel decided at its last meeting in September that the country would be obliged to keep to quotas from the beginning of 2008.

Speaking on the sidelines of the Lisbon Energy Forum, which brought officials from international oil sector companies to the Portuguese capital, Roberto said that, “there was no problem,” for Angola is production was limited to 2.5 million barrels per day.

Roberto added that the country, the second largest producer in sub-Saharan Africa after Nigeria, will respect the decisions made by OPEC in terms of production quotas, whatever they may be.

He also said that the decision on the Angolan production quota was unlikely to be made at the next OPEC meeting, but rather would be made at the following one.

Angola is currently the second-largest oil producer in sub-Saharan Africa, with production of 1.8 million barrels per day.

OPEC member countries that are subject to quotas currently produce 27.2 million barrels per day, as production was raised at the organization’s last meeting in order to contribute to calming markets in relation to high prices. (macauhub)