ExxonMobil CEO: OPEC Membership Not Affecting Angola Plans

Angola’s decision to join the Organization of Petroleum Exporting Countries hasn’t affected Exxon Mobil Corp.’s (XOM) plans to develop reserves in the African country, the energy major’s chief executive said Thursday.

Angola officials say they intend to boost the country’s oil output 25% to 2 million barrels a day next year. OPEC Secretary-General Abdalla Salem el-Badri said earlier this month that Angola would certainly have a quota assigned either this year or in early 2008.

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