Luanda — Angola has cut down 99,000 barrels a day from its current daily output estimated at 1.9 million barrels, since November 1, thus complying with recommendations from the Organisation of Petroleum Exporting Countries (OPEC), announced Wednesday the Oil Ministry.

According to a communiqué issued by the Oil Ministry sent to Angop, the reduced quantity by Angola corresponds to a portion that concerns the country, in the light of the global volume of production cut agreed by OPEC member States on October 24 this year, during an extraordinary conference of the Cartel, held in Vienna, Austria.

On October 24, OPEC, of which Angola is also a member, decided to drop its production by 1.5 million barrels, as from November 1, with a view to keeping an equilibrium between demand and supply and, consequently, contributing to the stabilisation of the world's oil market.

The barrel of crude oil that had previously reached USD 147,00 in July this year, was being traded Wednesday in London Stock Market, at USD 64,70.

With the current production, estimated at over 30 million barrels of oil per day, OPEC contributes with about 40 percent of the international oil market.

Created in 1960 in Baghdad, Iraq, OPEC's goal is to unify the oil policy of the member countries, centralising the administration of activity, that include the price control and the volume of production, with a view to establishing the equilibrium in the world market.