Petroleum Africa
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Wednesday, June 3, 2015
On the run up to OPEC’s upcoming meeting in Vienna on June 5, Jose Botelho de Vasconcelos, Angola’s oil minister,said $80 per barrel may be the “right oil price.”
Angola is one of the cartel members that has seen its budgets suffer due to the drop in crude prices over the past year. Other members like fellow African producers Algeria, Libya, and Nigeria have all called for a rein in on production to help boost crude prices; however, Gulf nation producers, especially Saudi Arabia, have maintained that the market would straighten itself out.
“The country has suffered a lot from the drop in oil prices, you know that oil represents 98% of our revenues and this is a lot,” de Vasconcelos told reporters in Vienna.
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