Angola to join Opec on 1 Jan 2007

Angola has won the backing of existing Opec members to join the organisation and will become a member on January 1, Opec said. "The conference unanimously admitted the Republic of Angola as the twelfth full member of the organisation, with effect from the January 1 2007," the statement said. Ministers had earlier said Angola would be admitted in March.

The southern African country currently produces 1.4 million barrels a day and aims to raise this figure to two million by the end of next year. The admission of the country is seen as extending the influence of Opec, which already produces about a third of world oil supplies. Angola is the first member to join Opec since Gabon became a member in 1975. Gabon has since left the cartel.

(2006-12-15 12:44:18 SGT) [Energy] Permalink

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