Luanda, July 18 (Xinhua) Organisation of the Petroleum Exporting Countries chairman Botelho de Vasconcelos said here at the weekend that OPEC member countries will continue to comply with their decision on oil production cut.
Botelho de Vasconcelos, who is also Angola’s minister of oil industry, guaranteed that all the OPEC member countries are complying with the oil production cut decision made in May in Austria.
In his capacity as OPEC chairman, he told reporters that the OPEC members whose oil production is being cut by 20 to 22 percent have achieved a desired goal of maintaining acceptable oil prices in the world market.
However, he admitted, some elements of the oil market are not yet fully controlled, hence the continuation of oil production cut.
From this perspective, he said, studies and projections are being conducted with some prudence as there is already speculative situation in the market.
“It is in this framework that oil raised to $72, fell to $58 and currently it seems to be fixed at $72, which shows that there exist some fluctuation that does not satisfy exporters, being fundamental to find out a level of equilibrium on the price so that the various economies can develop themselves without constrains,” he said.
