Luanda- The chairman of the Organisation of Petroleum Exporting Countries  (OPEC), Angolan Oil minister Botelho de Vasconcelos, on Thursday in Luanda said that there is a possibility of more cuts in crude oil production, aiming for balance and stability in the international market.

In its meetings of last September and October, OPEC decided to cut its production, having fixed in December in Oran, Algeria, an additional reduction in the production of at 2.2 million barrels per day, from January 2009, to stabilise the price.

 "I am convinced that these cuts will remove the current excess of crude oil in stock and re-balance the supply and demand at the world market", he explained.

"However, if it is necessary, OPEC will not hesitate to summon a meeting, meant to reduce the production for the balance and stability of the world market", Botelho de Vasconcelos revealed. 

The crude oil price is now 40 dollars per barrel, against the 140 reached in July 2008, the highest one, a situation that worries OPEC member countries, whose chair Angola holds since  December 17 last year, during the 151st meeting held in Oran, Algeria.