Angola joins Nigeria to increase price of oil

7 December 2015

The presidents of Angola and Nigeria have agreed on joint cooperation in seeking to reverse the trend in the price of oil per barrel on world markets, the international press reported.

The heads of state of the two major sub-Saharan oil producing countries, José Eduardo dos Santos of Angola and Nigeria’s Muhammadu Buhari, held a meeting on the sidelines of the 6th edition of the China/Africa Forum.

Both presidents said it did not make sense to sell more oil for less money and called for a new consensus among oil producing countries to increase the price per barrel.

The two Presidents recognised the great dependence of their economies on oil and decided that the oil ministers of both countries will meet urgently in order to decide a joint action platform.

However, the Organization of Petroleum Exporting Countries (OPEC), meeting Friday in Vienna, decided to increase production from 30 million to 31.5 million barrels per day oil in order to reflect the real production of member countries, according to financial news agency Bloomberg.

The new limit does not include Indonesia’s production, which returned to OPEC after a seven-year “separation”.

The markets reacted immediately to the production increase with the US benchmark oil price – “West Texas Intermediate” – falling 3.1 percent Friday to US$39.81 a barrel. (macauhub/AO)