Angola: Angola reduces daily oil production level

6 November 2008

Luanda, Angola, 6 Nov – Angola has reduced it daily level of oil production, estimated at 1.9 million barrels, by 99,000 barrels starting on 1 November, thus complying with recommendations from the Organisation of Petroleum Exporting Countries (OPEC), the country’s Oil Minister said Wednesday in Luanda.

According to a statement from the Oil Ministry cited by Angolan news agency Angop, the amount by which Angola has reduced production corresponds to the country’s part of the overall production cut agreed by OPEC on 24 October at an extraordinary meeting of the cartel in Vienna.

On 24 October, OPEC, of which Angola is a member, decided to reduce its production by 1.5 million barrels of oil per day, starting on 1 November, in order to maintain a balance between supply and demand and, consequently, contribute to stabilising the world oil market.

OPEC, which has current estimated production of 30 million barrels of oil per day, accounts for around 40 percent of the international oil market. (macauhub)