16 January 2018

Angola's Oil Production Close to OPEC Goal

Luanda — Angola's daily crude oil production of 1,6 million barrels has narrowed the goal established by the Organization of the Petroleum Exporting Countries (OPEC) of 1.678 barrels a day.

This was said on Monday by the representative of the African Petroleum Producers Organization (APPO), Estêvão Pedro, while addressing the extraordinary meeting of the APPO Experts Committee meeting, taking place in Luanda since Monday.

On the occasion, the Angolan official spoke of the need for greater investment for reaching the goals established for the oil production.

However, he underscored that the current price of the crude oil barrel in the international market is satisfactory thanks to the adoption by OPEC and other countries of a measure for the reduction of overproduction.

He also stressed that APPO aims at reaching the market stabilization concerning the oil production for a fair price adoption and allows the organization to meet the current challenges.

In his turn, the Angolan Secretary of State for Petroleum, Paulino Jerónimo, said the current price in the international market obliges all the operators and services supply companies to be more skilled in the quest for solutions to reduce expenses without compromising the production but, making it more efficient.

In the meantime, the APPO executive secretary added that the strategy for the implementation of structural and the institution's fund recapitalization reforms for the technical cooperation discussed in the meeting will be submitted to appreciation and decision to be taken by the Association's Council of Ministers to be held on January19.

He also stressed that the instruments to be adopted will be crucial for the conclusion of the reform taking place in the organization with view to meeting the current challenges faed by the oil industry.

Created 31 years ago as a cooperation and exchange of experiences platform between the member countries, APPO replaces APPA, which is currently made up by 18 African nations founded by Algeria, Angola, Benin, Cameron, Congo, Libya and Nigeria.

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