Angola will continue to contribute to OPEC+’s efforts to ensure that “fair revenues” are obtained for producing countries and the continuous supply of crude oil to consumers.
In a statement, the Ministry of Mineral Resources, Oil and Gas indicates that Angola as a signatory to the Declaration of Cooperation signed in December 2016, between OPEC member countries and non-OPEC crude oil producers (OPEC+), in a total of 23 countries, constituted a historic milestone in the “life of the Global Oil Industry, which has taken very important decisions to accommodate not only the producing countries but also the oil consumers”. Based on current market conditions, “characterized by the downward trend in prices, at the OPEC and Non-OPEC Ministerial Meeting held on 5 October of this year, it was decided to reduce production by 2 million barrels per day, which had a positive impact on the market, as it made it possible to counter the decline in market prices”.
The note also highlights that, in a period of various uncertainties, OPEC+ actions aim to contribute to market stability by adjusting supply and demand. “During the validity of the Declaration of Cooperation, the mechanism that has been used by OPEC+ is the increase or reduction of crude oil production, with a view to mitigating the imbalances between these two factors”, he pointed out. OPEC+, the note indicates, has scheduled periodic meetings to assess market conditions and, unanimously, take decisions that are important for the sustainability of the oil industry.
