No change announced in booming Luanda

Luanda_PanoramaAT THE SPECIAL meeting of OPEC energy ministers on 22 December it was decided to make no change in crude oil production quotas, given the precarious state of economic recovery around the world.

The closing statement noted that for the first time since the early 1980s global demand in 2009 fell for the second successive year. The situation will be reviewed when the Organization gets together for an Ordinary meeting in its new premises in Vienna on 17 March.
Demand may be flat but the Angolan economy was reported to be bouncing back at the same time as the Extraordinary meeting was being wound up. Growth last year was estimated to be in the 1-2 per cent range, but this year a figure of eight or even more is being talked of in banking circles. Visiting oilmen grumpily note that this is already being reflected in hotel and local supplies prices. More positively output is falling not far short of Nigeria's – and Angola remains China's largest supplier.

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