Angola has announced support for the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, to ensure the producing countries’ fair revenues and continuous crude oil supply, Trend reports citing Xinhua.
Angola will remain in line with the decisions of OPEC+, said the country’s Ministry of Mineral Resources, Oil and Gas in a statement Wednesday.
On Oct. 5, OPEC+ announced a major production cut of 2 million barrels per day (bpd) starting November to bolster oil prices that have recently tumbled over recession fears. The group said the decision was based on the “uncertainty that surrounds the global economy and oil market outlooks.”
Angola’s oil ministry emphasized that the actions of OPEC+ are important in a period of various uncertainties, as they aim to contribute to market stability by adjusting supply and demand.
Angola, the world’s 16th largest oil producer, currently produces about 1.1 million barrels of oil per day.