OPEC Ministers Meet with Angolan President to Discuss Oil Market Stability

Angolan President Jose Eduardo dos Santos met with ministers from the Organization of Petroleum Exporting Countries (OPEC) to discuss the global oil market and prices. The meeting took place in Luanda, with President dos Santos highlighting the need for stability in oil prices, both for consumers and producers. Secretary-General Abdullah El-Badri praised President dos Santos' understanding of the oil market, citing his previous meeting in 2007 when Angola joined OPEC. El-Badri also acknowledged Angola's leadership role in the oil cartel during a turbulent year, as oil prices plummeted from $147.25 to $30 per barrel before recovering to over $70 in recent weeks.

Key Takeaways:

• President Jose Eduardo dos Santos stressed the importance of oil market stability for both consumers and producers.
• Abdullah El-Badri praised President dos Santos' knowledge of the oil market, highlighting his 2007 meeting with OPEC.
• Angola played a key role in OPEC in 2009, chairing the oil cartel during a period of market turmoil.
• Oil prices experienced a significant decline from $147.25 to $30 per barrel in 2009, before recovering to over $70 in recent weeks.
• OPEC maintained its output level at 24.84 million barrels per day since January 1, 2009.
• The oil cartel consists of 12 member countries, including Angola, Algeria, and Saudi Arabia.

Statistics:

• Oil prices plummeted from $147.25 to $30 per barrel in 2009.
• Oil prices recovered to over $70 per barrel in recent weeks, up over 60% from the low point.
• OPEC maintained its output level at 24.84 million barrels per day since January 1, 2009.
• OPEC accounted for approximately 40% of the global oil market.
• Angola's chairmanship of OPEC contributed to the oil cartel's stability during a turbulent period.

Sources:

• XINHUA NEWS AGENCY, Luanda, Dec 22, 2009