In Angola allowed the oil price to $ 60 per barrel by the end of the year

© Press-service of JSC «NK Rosneft»go to fotobanka installation. Archive photoIn Angola allowed the oil price to $ 60 per barrel by the end of the year© the Press-service of JSC «NK Rosneft»to the photobank

The price of oil by the end of 2017, a year may reach $ 60 per barrel, which will support the economy of Angola, said the country’s oil Minister Jose Maria de Vasconcelos Botello (Jose Maria Botelho de Vasconcelos).

According to the Minister, the rise in oil prices has a tremendous interest in the southern African country, 97% of export of which falls on «black gold». «We received signals from the market and by the end of the year prices may reach $ 60,» said de Vasconcelos in an interview with Bloomberg.

OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017. In may, its validity was extended for nine months until the end of March 2018.

Angola acceded to the agreement nine months ago to limit the volume of production to support oil prices. In September, the President of Angola is Joao Lawrence (Joao Lourenco), who intends to revive the economy’s second largest exporter of oil in Africa. So, next year, Angola is planning to hold a tender for oil blocks in the basin of Namibe (Namibe). In addition, we will continue cooperation with the oil companies to reduce production.

Vasconcelos said that it was too early to talk about whether to re-OPEC agreement on production cuts in March next year. «The meeting in November will be a good opportunity to perform, whether to extend the reduction or not,» he said. OPEC needs to hold a Ministerial meeting on November 30. The OPEC+ will discuss whether to extend the agreement to reduce oil production is past its expiration date.