Angola’s deputy oil minister on Sunday said that current oil prices were “balanced” and had stabilised at around $80 a barrel. “Of course as a producing country we always want more but it is a balanced price at the moment … The price is around $80 a barrel but it seems they have stabilised,”

Jose Gualter dos Remedios Inocencio told Reuters.

The minister was in New Dehli to attend a two-day hydrocarbon conference that will start on Monday.

He said Angola is currently producing 1.8 million barrels per day (bpd)
of oil against its capacity to pump 2 million bpd as the African nation
follows the “limitations” imposed by OPEC.

Inocencio said his country’s output next year would depend on OPEC’s decision at Dec 22 meeting.

“Everything is going to depend on market, the arrangement the OPEC is
going to hand out at this meeting … We have to wait for OPEC’s
decision, the OPEC’s decision is to establish the prices,” he said.

With oil around $75 a barrel, several fellow OPEC oil ministers said
there was no need for OPEC to change its output targets when it met in
Angola on Dec. 22.

OPEC has held its formal output targets steady all year following a
decision announced last December to cut supplies by a record 4.2
million bpd compared with September 2008.

Oil prices are still far below the July 2008 peak of nearly $150 a barrel.

Source: Reuters

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