Angola seeking to clarify OPEC oil quota: source

May 7, 2009 - 0:0

LONDON (Reuters) - Angola, holder of the rotating OPEC presidency, has contacted the group’s Vienna headquarters to clarify its oil output target, a source with knowledge of the matter said on Tuesday.

Angola believes its output target set by OPEC is 1.656 million barrels per day, the source said, not the 1.52 million bpd given in an OPEC internal document in December that has been widely quoted as Angola’s output limit.
“Angolan officials are in touch with them, but they have not responded yet,” said the source, who declined to be identified by name.
The matter suggests not all in OPEC agree on the baselines for 4.2 million bpd of supply curbs the group is making to support prices. In the past, internal OPEC discord over quotas has been a bearish influence on oil prices.
OPEC, source of more than a third of the world’s oil, collectively met 84 percent of the promised cutbacks, one of its highest ever rates of compliance, in April according to a Reuters survey.
But Angola is among a handful of OPEC countries pumping significantly more than its target and, according to the Reuters survey, slightly increased output in April to 1.71 million bpd.
The 1.52 million bpd figure was obtained by Reuters during OPEC’s December 2008 meeting in Algeria and was never officially confirmed by OPEC.
OPEC officials in Vienna were unavailable to comment on Tuesday. The group meets to set policy on May 28.