Saudi Arabia warns Angola on OPEC production limit

Mar 14, 2007 01:00 AM

Saudi Arabia, the most powerful member of the Organization of the Petroleum Exporting Countries, has told Angola, its newest entrant, not to assume it will be able to expand production past 2 mm bpd.
This is a blow to the world's biggest oil companies, which have already paid Angola billions of dollars for the right to explore and produce its oil.

Angola joined the oil cartel in January and should reach the 2 mm barrel a day threshold at the start of next year.
It had a target of producing 2.5 mm bpd by 2012, a target which has now been thrown into doubt.

Source / FWN Financial News
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