Luanda, ANGOLA, December 18 - The Organisation of Petroleum Exporting Countries (OPEC) Tuesday praised Angola's continued support for the stability of the world oil market, which is keeping it strong.,

The recognition was conveyed Tuesday to the Angolan President João Lourenço during an audience he granted to OPEC Secretary-General, Mohamed Sanuzi Barkindo, in Luanda.

At the end of the meeting, Mohamed Barkindo told the reporters that he had discussed with the Head of State the oil and gas situation in the world.

Mohamed Barkindo, who is on a two-day working visit to Angola,  said OPEC and its allies need to continue seeking stable world oil price.

 

He said that the crude oil continue to be a major asset for the nations.

OPEC's official called for a combined effort to avoid cyclical crises such as that happened in 2014- 2017.

As the result of the crisis, in the United States alone about 100 oil companies have come to a stand still, with losses standing at about half a trillion dollars.

Vienna Agreement

The OPEC leader believes that the agreement reached at the 175th OPEC conference in Vienna, Austria, will maintain the sustainability and stability of the world oil market and staunch downward trends.

The Vienna agreement stipulates a total cut in oil production of 1.2 million barrels / day from January and for six months,  covering oil producing countries.

Angola, which has an oil production of 1.4 million barrels/day, has been members of OPEC since 2006.

OPEC will curb output by 800,000 bpd from January while non-OPEC allies contribute to an additional 400,000 bpd of cuts, under Vienna agreement .

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