Opec president Angola said on Thursday the group will not need to carry out more cuts in 2009 if oil prices remain at current levels and that a price of $70 to $75 per barrel of oil is positive for the global economy. Angolan Oil Minister Jose Botelho de Vasconcelos said, however, that oil price fundamentals were still not strong enough to justify the recent rise in prices as stocks were enough to cover a lengthy 63 days of forward demand.
"We can conclude that there are positive signs in the market but the fundamentals are still not consistent with what is going on," he told Reuters. Asked whether Opec would need to carry out more cuts in 2009, de Vasconcelos replied: "I think the current prices satisfies both consumers and producers."
"The (Opec) goals are being met and I think that if by the end of the year prices remain at the $70-$75 level that will be positive for the economy." He added that Angola was in talks with other members of the Organisation of the Petroleum Exporting Countries (Opec) in a bid to increase its production quota, which it says is 1.656 million barrels of oil per day.
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