Opec admits new member Angola

ABUJA – Opec decided last week to enlarge its membership for the first time in 30 years by admitting African producer Angola, a decision aimed at reinforcing the cartel’s grip on world oil resources.

“The conference unanimously admitted the Republic of Angola as the twelfth full member of the organisation, with effect from the January 1 2007,” an Opec spokesman said at the end of a ministerial meeting here. Angola is one of three possible new members waiting to join the Organisation of Petroleum Exporting Countries, which already produces about 40 per cent of world supplies.The other two are Sudan and Ecuador.”Only now we asked to be member but our wish to join Opec is since our independence” in 1975, said Angolan Oil Minister Desiderio da Gracia Verissimo e Costa as he made the application to join earlier on Thursday.”We want to collaborate with Opec members to help to regulate a fair price for everybody, not only producers but consumers.”A price that is low is not good for Angola and for the other members also.”Opec members aim to regulate their oil exports to influence the market and are thought currently to be aiming for a stable price of about US$60 per barrel.Regarding other candidate countries, Sudan is still trying to pass its membership internally, which requires the approval of President Omar al Bashir for the central African country to join the cartel.”If they do (get approval), I expect them to present their application in March,” an Opec spokesman said.Ecuador, which joined the cartel in 1973 and left in 1992, must also clear political hurdles, but Venezuelan Energy Minister Rafael said Thursday that there was domestic support for a membership application.”We are waiting for Ecuador …There is political will but we have to wait and see.They have a new president,” said Venezuelan Energy Minister Rafael Ramirez, referring to newly elected leftist president Rafael Correa.”This strengthens Opec and that is the most important thing for us.The more we are in the task of defending our interests and maintaining a balance, the better it is.I hope others will follow,” he added.Nampa-ReutersAngola is one of three possible new members waiting to join the Organisation of Petroleum Exporting Countries, which already produces about 40 per cent of world supplies.The other two are Sudan and Ecuador.”Only now we asked to be member but our wish to join Opec is since our independence” in 1975, said Angolan Oil Minister Desiderio da Gracia Verissimo e Costa as he made the application to join earlier on Thursday.”We want to collaborate with Opec members to help to regulate a fair price for everybody, not only producers but consumers.”A price that is low is not good for Angola and for the other members also.”Opec members aim to regulate their oil exports to influence the market and are thought currently to be aiming for a stable price of about US$60 per barrel.Regarding other candidate countries, Sudan is still trying to pass its membership internally, which requires the approval of President Omar al Bashir for the central African country to join the cartel.”If they do (get approval), I expect them to present their application in March,” an Opec spokesman said.Ecuador, which joined the cartel in 1973 and left in 1992, must also clear political hurdles, but Venezuelan Energy Minister Rafael said Thursday that there was domestic support for a membership application.”We are waiting for Ecuador …There is political will but we have to wait and see.They have a new president,” said Venezuelan Energy Minister Rafael Ramirez, referring to newly elected leftist president Rafael Correa.”This strengthens Opec and that is the most important thing for us.The more we are in the task of defending our interests and maintaining a balance, the better it is.I hope others will follow,” he added.Nampa-Reuters