Angola: Luanda government keep to OPEC production quote but will not reduce production further

15 January 2009

New Delhi, India, 15 Jan – Angola plans to reduce production to the 1.65 million barrel per day quota set by the Organisation of Petroleum Exporting Countries (OPEC) in February, Angola’s deputy oil minister said Wednesday in New Delhi.

However, Aníbal Silva guaranteed that Angola would not reduce production further in order to force prices to rise.

The deputy minister said that Angola produces 1.8 million barrels of oil per and that at the end of January it would be producing less than that.

“We are trying to achieve a quota of 1.65 million barrels per day by the end of the current quarter. But this could happen earlier, it could happen in February,” Silva said.

Despite the fall in the price of a barrel of oil, the deputy minister noted that Angola continued to be focused on oil exploration.

“Angola continue focused on oil exploration and we will continue to try to attract foreign partners that want to invest in the country,” Silva said. (macauhub)