Angola may increase oil production in near future

26 July 2010

Luanda, Angola, 26 July – Angola currently produces 1.79 million barrels of oil per day, which may increase to 2 million barrels in the next two years, the country’s oil minister, José Botelho de Vasconcelos said Friday in Luanda.

Speaking to the Reuters news agency on the sidelines of a conference held in the Angolan capital, Botelho de Vasconcelos said it was not likely the government would grant new licences for oil exploration at sea this year, adding that both the government and other OPEC member countries were happy with current oil prices.

“We, like most OPEC member, think that the price of oil at between US$70 and US$80 satisfies both producers and consumers,” the Angolan minister said. (macauhub)