Angola: Angola takes on presidency of OPEC and sets target of US$70 for price of barrel of oil

17 December 2008

Luanda, Angola. 17 Dec – Angola, which Wednesday takes on the rotating presidency of the Organisation of Petroleum Exporting Countries (OPEC), has set a target of US$70 for the price of a barrel of oil, which is an increase of a third on the current price.

Angola’s oil minister, Botelho de Vasconcelos said Tuesday that in order to change the downward trend of the price it will be necessary to implement further production cuts, which could total up to 2 million barrels per day.

“We don’t know yet how much will be cut, possibly it will be between 1.5 and 2 million barrels per day, depending on agreement between member countries,” said the Angolan minister, cited by news agency Angop.

“There is a consensus between member countries that a price of between US$70 and US$75 per barrel is satisfactory,” he added.

OPEC, which represents some 40 percent of world oil production, is holding an extraordinary meeting Wednesday in Oran, Algeria.

Oil prices currently stand at 70 percent below the record set in July this year, of US$147.27 per barrel.(macauhub)