Angola Will Make Production Cuts

Angola has agreed to cut production by 22,500 b/d from January 1 in support of OPEC's moves to stabilize the oil markets. OPEC said Nov 14 it would cut its own production by 1.5-mil b/d from Jan 1 if non-OPEC producers reciprocated with cuts totaling 500,000 b/d. So far, Mexico has pledged 100,000 b/d, Russia 150,000 b/d while Oman has already cut output by 25,000 b/d. That brings the total of confirmed cuts to 275,000 b/d. On Wednesday, news emerged that OPEC ministers are ready to meet Dec 28 in Cairo if output cuts pledged by non-OPEC producers amount to less than the 500,000 b/d.