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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: OPEC chief says supply curbs to boost price Reuters - Wednesday, January 21 By Henrique Almeida LUANDA - OPEC is fully enforcing its deepest ever oil supply curbs, which should be enough to boost prices that have slumped below $40 a barrel, the group's president told Reuters on Tuesday. In his first interview since assuming the post at the start of the month, Botelho de Vasconcelos also said the Organization of the Petroleum Exporting Countries was unlikely to meet before its scheduled gathering in Vienna on March 15. "In March we will meet to evaluate the cuts agreed in December," said Vasconcelos, who is also Angolan oil minister. "But I think that if all the cuts are carried out within the established timeframe, there will be an impact in the market that will lead to a positive trend in terms of oil prices." Vasconcelos said oil had the potential to recover to $75 during 2009. U.S. crude has plunged more than $110 from a record high near $150 a barrel reached in the summer as the global economic slowdown eroded demand. "I wouldn't say prices are stabilizing, but the variation between the maximum and minimum price throughout the past month does not give any indication that an extraordinary meeting should be held," he added. CARRYING OUT CUTS OPEC, which pumps about a third of the world's oil, agreed last month to cut its output by 2.2 million barrels per day from January 1 in a race to balance supply with rapidly declining demand for fuel. "I believe all the cuts are being carried out although not all countries can comply with the agreed cuts on day one," said the OPEC chief. Angola, which joined OPEC in 2007, has done its part. "We are working to comply with the agreed cuts," said Vasconcelos. "As you know Angola is a country that is going through a national reconstruction. Oil revenues have an extremely important contribution to our development." Reuters reported last week that Angola was set to export 1.5 million bpd of crude in March, down from 1.6 million bpd in February due to shipment delays and OPEC supply cuts. The African producer's implied OPEC target from January 1 is 1.52 million bpd. Angola's government is relying on an oil price above $55 a barrel to carry out a record $42 billion spending plan in 2009. The plan is aimed mostly at improving the lives of ordinary Angolans, most of whom live on less than $2 a day. Angola emerged from nearly three decades of civil war as one of the world's fastest growing economies due to surging oil output. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike OPEC chief says supply curbs to boost priceReuters - Wednesday, January 21 Oil prices drop sharply as weak demand bitesAFP - Tuesday, January 20 Oil in narrow trading range in AsiaAFP - Monday, January 19 Gazprom Neft chief says could cut capex by 45 pctReuters - Saturday, January 17 Related Articles: Business MTR wins $2.4B deal to operate Stockholm subwayAP - 18 minutes ago Isle of Man proposes file-sharing feeAP - 21 minutes ago Saudi's Kingdom Holding posts $8.3 bln Q4 lossReuters - 22 minutes ago Wall Street falls on banks and earnings anxietyReuters - 22 minutes ago Johnson & Johnson 4Q profit rises 14 percentAP - 23 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed 'Overwhelming emotion' at star-studded inaugural concert 'Dogs don't wear condoms,' says Baywatch star Anderson Zimbabwe unveils $100 trillion banknote Faulty gene condemns millions in India to heart disease: study Fairy godfather invites disadvantaged to inaugural ball View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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