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AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

Angola thinking of joining the OPEC cartel

Angola has devised plans to join the Organisation of Petroleum Exporting Countries (Opec), the county's finance ministry has said. Angola is currently sub- Saharan Africa's second largest oil producer, behind Nigeria. And this has had a dramatic impact on the country's growth.

In 2005, the Southern African nation grew at 20.6 percent, the second fastest in the World, according to the International Monetary Fund. Angola currently produces 1.4 million barrels per day and aims to push this up to 2 million bpd by the end of 2007.

However, his windfall has had little positive effect on the former Portuguese colony's poor.

 

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