LUANDA, March 16 (NNN-ANGOP) -- Angolan Oil Minister Botelho de Vasconcelos will depart for Vienna on Tuesday to attend the 156th ordinary session of the Organization of Petroleum Exporting Countries (OPEC).

The meeting taking place on Wednesday will analyse the situation of the oil market, in its supply, price and consumption aspects. The current oil price is 77.74 USD per barrel and, according to analysts, it satisfies both producers and buyers.

Meanwhile, the Vienna meeting will be held under the new leadership of Ecuador, which took over the presidency of the organization in December last year.

"Angola transmitted the presidency of OPEC to Ecuador with the sentiment of having accomplished its mission as a producing country," said the minister, while assessing the country’s performance at the head of the organisation.

During its term, Angola organized, among other activities, a seminar on oil contracts in Luanda and another one within the framework of the Southern African Development Community (SADC).

Angola, which has also complied with SADC decisions concerning its market share, ended its presidency of the cartel on Dec 22, last year.

Accompanying the minister to the meeting will be officials of the Oil Ministry, of the state-run oil company, Sonangol, and representatives of oil firms operating in Angola.
-- NNN-ANGOP