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Angola in full compliance with OPEC output cuts – oil minister

Angolan oil minister Jose Maria Botelho de Vasconcelos said on Thursday his country was more than fully complying with OPEC production cuts, and that he believed a deal to curb output would be extended beyond June.

“Yes I think so,” de Vasconcelos said at an industry event in Paris when asked whether the deal would be extended at the group’s meeting in Vienna on May 25.

He added that Angola was implementing more than 100 percent of the cuts it committed to under the deal reached last year between the Organization of the Petroleum Exporting Countries and other producers led by Russia.

Under the deal, the producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market and try to bring a supply glut into check.

Asked about a preferred oil price for Angola, he said “$60 is not bad”.

Brent crude futures were trading 47 cents lower at $51.35 a barrel at 1015 GMT.
Source: Reuters (Reporting by Alex Lawler in Paris, writing by Ahmad Ghaddar in London, editing by xx)

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