Oil: OPEC sets oil quota for Angola at 1.9 million barrels per day

6 December 2007

Abu Dhabi, United Arab Emirates, 6 Dec – The Organization of the Petroleum Exporting Countries (OPEC) set at its Wednesday meeting in Abu Dhabi, Angola’s production quota at 1.9 million barrels per day for 2008.

Angola joined OPEC in January, together with Iraq, and has so far been exempted from fulfilling quotas, although it was decided at OPEC’s last meeting in September that the country would be obliged to keep to quotas from the beginning of 2008.

OPC ministers also decided Wednesday to set a quota for Ecuador, which joined OPEC three weeks ago, at 520,000 barrels per day.

The 10 OPEC member countries that are subject to quotas currently produce 27.25 million barrels per day, but with Angola and Ecuador’s quotas that amount rises to 29.673 million barrels per day. (macauhub)