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A delegate at the OPEC meeting currently being held in Angola has said that the cartel’s output is to remain unchanged.
Reuters reported that the delegate said that the 4.2 million barrels per day cuts it has made from production levels in September 2008 has done enough to lift the oil price to its current acceptable levels of between US$70 and $75 a barrel.
The OPEC meeting is still ongoing in the Angolan capital of Luanda and no official statement has yet been made.
Earlier in the day José Maria Botelho de Vasconcelos, Minister of Petroleum of Angola and president of the conference had called for cautious optimism among members.
“In our meeting today, we shall review the latest situation in the oil market. When we last met in Vienna in September, we noted signs of economic recovery,” Vasconcelos said.
“However, there were valid concerns regarding the size and pace of this recovery and its effect on the oil market.”
“We also saw how crude oil prices had continued to improve from the lows experienced late last year, even though the market was still very volatile,” he added.
