OPEC Angola oil minister sees chance that oil body may decide on output cap

Botelho de Vasconcelos told reporters that an oil price of $60 was not bad, but "$80 would be better."

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Angola oil minister sees chance that OPEC may decide on oil output cap play

Angola oil minister sees chance that OPEC may decide on oil output cap

(Reuters)
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Angolan Oil Minister Jose Botelho de Vasconcelos said on Thursday he believed there was a possibility that he and his OPEC counterparts could reach a decision on a possible ceiling on the group's crude output.

Botelho de Vasconcelos told reporters that an oil price of $60 was not bad, but "$80 would be better."

Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in Vienna.

Several OPEC sources said on Wednesday Saudi Arabia and its Gulf allies would propose to set a new collective ceiling in an attempt to repair OPEC's waning importance and end a market-share battle that has sapped prices and cut investment.

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