- Organisation of Petroleum Exporting Countries (OPEC) could effect further cuts on oil production to bring stability to the decling price at the international market.
Angola's Oil minister Botelho de Vasconcelos, said yesterday that there was a possibility of more cuts in crude oil production, aiming for balance and stability in the international market. Angola is currently holding fort at the rotational OPEC chairmanship.
During its meeting in Algeria end of last year, OPEC decided to cut its production by an additional 2.2 million barrels per day, from January 2009, to stabilise the price.
"I am convinced that these cuts will remove the current excess of crude oil in stock and re-balance the supply and demand at the world market", the Angolan minister explained, further saying if necessary, the OPEC members will call another meeting to discuss more reductions on production.
With the crude price now at about 40 dollars per barrel, $100 less than the $140 peak price reached in July last year, many oil revenues dependant states have had to revise their annual spending budgets because of the low expected returns as a result of the falling price.
Though OPEC believes that in cutting oil production could at least stabilise markets by balancing availability and demand, some market watchers have said growing non-OPEC production as well as continuing explorations and new finds, could have an effect on the OPEC strategy as newly born oil players would want to prove their worth in the market.
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