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Last Updated: Thursday, 30 November 2006, 10:46 GMT
Angola set to join Opec oil group
Angolan President Jose Eduardo dos Santos
Joining Opec will be a boost to Angola and its president
Angola has announced it is to apply to join oil producers' group Opec, a move that, if successful, should boost the African nation's global profile.

The Angolan oil ministry said the country hoped to become Opec's 12th member by March, adding that it would produce "deep financial advantages".

Angola is sub-Saharan Africa's second biggest oil exporter, behind Nigeria.

Driven by its oil revenues, Angola's economy grew by 18% in 2005, and more of the same is expected this year.

Booming oil exports

The country is now producing 1.4 million barrels of crude oil a day, and this is expected to hit 2 million next year.

"Angola is joining because revenues are rising so spectacularly fast at the moment that it gives it more influence on the world stage," said Nick Shaxson, Angola head at the UK-based Chatham House think-tank.

Joining Opec, which should be a formality, will also be a boost to the prestige of Angola's President Jose Eduardo dos Santos.

Opec's 11 current members are Algeria, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Venezuela and Iraq.


SEE ALSO
Oil prices rise on Opec cuts talk
21 Nov 06 |  Business
Oil helps Angola but poverty rife
30 Mar 06 |  Business
Country profile: Angola
26 Oct 06 |  Country profiles
Timeline: Angola
26 Oct 06 |  Country profiles

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