Luanda – Angolan minister of Mineral Resources, Oil and Gas, Diamantino Azevedo is attending Monday the OPEC meeting taking place in Vienna, Austria, in representation of the country.
Diamantino Azevedo is attending for the first time the meeting, via video conference, in his capacity as president of the organisation.
In 20202, Diamantino Azevedo was vice president of the organisation, a position for which he had been elected since December 6, 2019.
From Vienna, OPEC holds the 25th meeting of Joint Ministerial Monitoring Committee (JMMC) to discuss report of the Technical Group on the evolution of the global oil market, its compliance levels and planning the coming months.
JMMC meeting will be followed by 23th meeting of OPEC and its Non-OPEC partners, signatories to Declaration of Cooperation (DoC2016).
Through the DoC, signed in 2016 between members of OPEC and ten other countries, decisions on stabilising the oil market have been consensual at a meeting of this DoC mechanism.
Monday´s meetings come in compliance with decisions adopted on 03 December 2020, which determine the holding of monthly meetings, starting from January 2021, aimed to assess market conditions and decide on new production adjustments.
Last December OPEC and non-OPEC countries decided to adjust the daily production of oil barrels, from 2021, according to behaviour of the international market.
According to deliberations adopted at 12th meeting of ministers, the group decided to voluntarily adjust production by 0.5mb/d from 7.7 mb /d to 7.2 mb/d.
While at the helm of the organisation, the minister Diamantino Azevedo hope to push toward keeping the stability in production of the product, whose prices continue fluctuating between USD 40 and USD 50.
Angola has been member of OPEC since December 24, 2006.
