Angola: Oil revenues to remain balanced despite cut in production, minister says

27 October 2008

Vienna, Austria, 27 Oct – Angola’s oil revenues will remain balanced despite a cut in oil production decided by the Organisation of Petroleum Exporting Countries (OPEC), the country’s oil minister said in Vienna.

At the end of na extraordinary meeting of the organisation, Botelho de Vasconcelos, cited by Angolan news agency Angop, said that Angola was in agreement and prepared to make cuts to its production, event though there had been plans to increase it.

Angola is to reduce its production by 99,000 barrels per day. Current production is estimated at 2 million barrels.

“If we cut production and make the price trend grow, there may be some balance,” in the market, the oil minister noted.

According to the minister, the country will now have to “do some exercises” to ensure that revenues can be close to what was outlined in Angola’s State Budget for 2009.

OPEC decided to reduce production to 1.5 billion barrel per day, as of November this year, given the abrupt price drop on the international market.

Angola, which has been a full member of OPEC since 2007, is currently the biggest producer in Sub-Saharan Africa, followed by Nigeria.

As well as Angola, the organisation’s full members are Saudi Arabia, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates and Venezuela. (macauhub)