Oran — Angola will assume the presidency of the Organisation of Petroleum Exporting Countries (OPEC) as from January 2009, although the formal pass of the post happened last Wednesday, in Oran, Algeria, ANGOP has learnt.

This was said to ANGOP, by the Angolan minister of Oil, José Maria Botelho de Vasconcelos, at the end of the 151st OPEC conference, when commenting on matters analysed in the meeting.

"This is due to the organisation's rules which have to be followed in these cases", said the next chairman of OPEC on behalf of Angola, that will have Ecuador in the post of vice president.

Under its policy for gradual reduction of oil production to raise prices, the official informed that the organisation will make one more cut, that is of 2.2 million barrels per day from January 2009.

He also said that OPEC members are engaged in trying to reach a balance, in which the market can react favourably and a price that satisfies everyone. He added that the organisation want to reduce the production to 4.2 billion barrels per day.

Angola's oil reserves are estimated at 12.5 thousands million barrels and in 2007 the sector represented 90 per cent of the exports and half of the Gross Domestic Product.