LUANDA – Angola’s economy will perform better in 2009 if the country does not comply with its Opec oil production target, the World Bank said yesterday.
Senior World Bank economist Ricardo Gazel told Reuters that if Angola complies 100 per cent with the curbs agreed by Opec its economy should contract by around three per cent this year after registering several years of double-digit growth.
‘The negative impact of the global economic downturn on Angola’s economy will be smaller if it does not comply 100 per cent with the agreed Opec cuts,’ he said.
Angola currently holds the presidency of the Organisation of Petroleum Exporting Countries.
Angola, dependent on oil for 90 per cent of its income, has so far failed to comply with its Opec production target and is set to export 1,74 million barrels of oil per day in July, according to trade sources.
The African nation has said its output target set by Opec is 1,656 million bpd, but an Opec internal document in December, that has been widely quoted by industry sources, suggested Angola’s output limit was 1,52 million bpd. -Nampa-Reuters
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