Luanda — Angola has reduced its oil production, estimated at 1.9 million barrels of oil, 99,000 barrels per day, since 1st November, thus complying with the recommendations by 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 last 24 October, during an extraordinary conference of the Cartel, held in Vienna, Austria.

On 24 October, OPEP, of which Angola is also a member, decided to drop its production by 1.5 million barrels, as from November 01, with a view to keep equilibrium between the 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, in July of the current year, this Wednesday is traded at the 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 at 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 view to establish the equilibrium in the world market.