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Opec oil price stable ahead of Angola meeting

The oil price of the Organisation of the Petroleum Exporting Countries (Opec) stood nearly unchanged at $71,78 at the end of last week, the cartel said on Monday, ahead of its conference in the Angolan capital, Luanda.

Several Opec oil ministers signalled over the weekend that they would keep their organisations’ target output at current levels when they meet on Tuesday.

On Friday, Opec’s basket price settled at 0,01 dollars per barrel (159 litres) higher than the previous day.

This was in contrast to the benchmark brands West Texas Intermediary and North Sea Brent, which traded higher after Iranian soldiers occupied an Iraqi oil well.

Opec’s 12 member countries supply 34% of the world’s crude oil. — Sapa-dpa

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