"The Republic of Angola, signatory to the Declaration of Cooperation, will continue to contribute to the efforts of OPEC+, in order to guarantee the attainment of fair revenues for producing countries and the continuous supply of crude oil to consumers", reads a statement. of the Ministry of Mineral Resources, Oil and Gas, to which VerAngola had access.
In the note, the tutelage states that OPEC+ recently decided to cut production by two million barrels per day: "based on current market conditions, characterized by the downward trend in prices, at the OPEC and Non-OPEC ministerial meeting held on the 5th of October of this year, it was decided to reduce production by two million barrels per day".
The statement added that this cut "had a positive impact on the market, as it allowed us to counter the decline in market prices".
According to the ministry, during the validity of the Declaration of Cooperation – signed in 2016 between OPEC member countries and non-OPEC crude oil producers – "the mechanism that has been used" by the organization concerns the "increase or reduction of crude oil production, with a view to mitigating the imbalances between these two factors".
Thus, the note advances, the organization "has scheduled periodic meetings to assess market conditions and unanimously take important deliberations for the sustainability of the oil industry".
On the other hand, the note also adds, "it is important to emphasize that in a period of various uncertainties, OPEC+ actions aim to contribute to market stability through the adjustment of supply and demand".
