Angola to join OPEC

Angola has announced its ambition to join OPEC as its 12th member (Algeria, Indonesia, Iraq, Iran, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela, . The prezident of the country Hose Eduardo Dos Santos believes that such move will upgrade the profile and the influence of its state in the international energy market and consequently in the political level.

Angola has over 1.4 million barrels of oil exports per day and predictions are for a 50% in 2007. The economy of the country has expanded 18% last year and should the high oil prices keep, similar growth would be the outcome for the new year.

Angola is the 2nd largest oil producer in Africa after Nigeria and has recently received considerable investments from Chinese corporations that are eager to establish their presence in Africa, in order to meet the all-expanding needs of the Chinese economy.

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