OPEC Members Will Cut to Get Oil Prices Near $75, Angola Says Email | Print | A A A
By Candido Mendes
Dec. 16 (Bloomberg) -- OPEC members will cut oil production as much as 2 million barrels a day at this week’s meeting to get prices near $75 a barrel, Angola’s oil minister said.
“We don’t know how much will be cut yet, but some OPEC members are suggesting cuts of 1.5 to 2 million barrels,” Jose Maria Botelho de Vasconselos told reporters in Luanda today before tomorrow’s meeting in Oran, Algeria. “It is consensual amongst member countries that $70-75 a barrel is satisfactory.”
The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the world’s oil, is gathering for the fourth time in as many months to discuss further production cuts after crude prices plunged 70 percent from July’s all-time high of $147.27 a barrel.
OPEC is ready to make a “big” cut in supplies when it meets tomorrow, Venezuelan Oil Minister Rafael Ramirez said. Crude has tumbled 70 percent from a record $147.27 a barrel on July 11 as the deepening global recession cuts demand for fuel.
Angola vies with Nigeria to be Africa’s largest oil producer.