Angolan Oil Minister Desiderio Costa said Wednesday that the major oil producer in Africa will raise its output by 100,000 barrels per day before the end of this year.
"Production is actually 1.9 million barrels per day and it will reach 2.0 million barrels by the end of the year," Costa told delegates at the World Petroleum Congress in Madrid.
But Costa said he agreed with his colleagues in the Organization of Petroleum Exporting Countries (OPEC) that the market is full of oil supply despite price hike.
"Angola is an OPEC member, and we believe in OPEC's position that there is enough supply in the market," he said.
In line with the position of other OPEC members, Costa blamed financial market speculation and the devaluation of the U.S. dollar for the record high oil prices.
"We cannot do anything about speculation and the dollar situation," he said.
Present at the same congress, Syanga Abilio, vice president for exploration and production at Sonangol, Angola's state-owned oil company, said the southeast African country planned to invest about 100 billion U.S. dollar over the next five years in the oil industry.
Angola is vying for the largest oil producer in Africa with Nigeria.