| Angola’s oil minister said on Tuesday that $80 per barrel may be right for crude, joining a chorus of OPEC officials and delegates hoping for a further price recovery in months to come despite a global glut. “I would like the price (to) go up, but it is not easy,” Jose Botelho de Vasconcelos told reporters.
OPEC meets on Friday and is widely expected to maintain its production policy. Last November, OPEC refused to cut output and chose instead to defend market share, adding to the supply surplus arising from booming U.S. oil output. The decision prompted a crash in oil prices to as low as $46 per barrel in January, although crude has recovered to $65 in recent weeks on hopes of a slowdown in U.S. output growth...............................................Full Article: Source
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