December 2, 2006

Angola set to join Opec oil group

Angola has announced that it was to apply to join oil producers' group Opec, a move that, if successful, should boost the African nation's global profile. According to the Angolan oil ministry the country hoped to become Opec's 12th member by March 2007, adding that it would produce "deep financial advantages". Opec's 11 current members are Algeria, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Venezuela and Iraq.

Angola is sub-Saharan Africa's second biggest oil exporter, behind Nigeria. The country is now producing 1.4 million barrels of crude oil a day, and this is expected to hit 2 million next year. In 2005, Angola was the second-fastest growing economy in the world, with a gross domestic product growth rate of 20,6%, according to the International Monetary Fund. (Sapa)

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