Angola merits Opec exemptions

LUANDA – Angola should get special treatment within Opec, the organisation’s president and Angolan oil minister told reporters Friday, comparing his country to Iraq’s post-war reconstruction.

José Botelho de Vasconcelos was referring to Angola’s continuing violation of output quotas set by the Organisation of Petroleum Exporting Countries (Opec), saying his country needed a higher production level to fund its own post-war reconstruction.’We lived through nearly 30 years of war and our cities are undergoing reconstruction, he said at a trade fair in Luanda. ‘We are trying to get from the organisation some understanding relative to this situation.’Opec’s reduced quotas combined with lower oil prices have hit Angola hard in the pocket as it relies on oil for more than 90 per cent of its income.He made reference to Iraq and its history of conflict which have earned it exemption from Opec quotas, and argued that Angola needs to keep producing to capacity in order to pursue its development.Botelho de Vasconcelos’ acknowledgment of Angola’s violation of Opec levels comes after Economy Minister Manuel Nunes Junior pledged that the country would stick to Opec targets.In 2008 Angola briefly overtook Nigeria as Africa’s largest oil producer when it pumped more than 2 million barrels of oil per day.Its Opec quota is reported to be 1,517 million bpd – although Angola has said it believes it is 1,656 million bpd. According to industry reports, production was close to 1,8 million bpd in June.Angola’s civil war ended in 2002. It joined Opec in 2007 and took over the presidency in January this year.- Nampa-AFP