Angola to reduce crude oil production

Oct 25, 2008 02:00 AM

Angola will cut down 99,000 bpd from its current daily output estimated at about 2 mm barrels.
This follows a decision from the Organisation of Petroleum Exporting Countries (OPEC) to reduce its production by 1.5 mm bpd, as a result of the drop in the price of crude oil in the international market.

This OPEC decision was made at the end of its extraordinary meeting held in Vienna, Austria, headquarters of the organisation, attended by all members of the cartel. The organisation's meeting was intended to discuss the reduction of its oil production, following the fall in the price in the international market.
The price of the barrel that had reached $ 147,00 in July this year, has come down to $ 60,27 ( $ 45 – 50 at Nov. 24, AW). Angola attended the meeting with a delegation led by the oil minister, Botelho de Vasconcelos.

OPEC was founded in 1960, in Baghdad, Iraq, aimed at unifying oil policies among member countries, by centralising the activity's administration, which comprises the control of prices and production, thus regulating pressures on the market.
The Organisation of Petroleum Exporting Countries groups Angola, Algeria, Libya, Nigeria, Venezuela, Ecuador, Indonesia, Saudi Arabia, United Arab Emirates, Iran, Iraq, Kuwait, Qatar and Gabon.

Source / Angola Press Agency
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