Oil is unlikely to return to levels much above $100/bbl and current prices are making it difficult for major producers such as Angola, according to the country’s president.

Joao Lourenco made his comments over the weekend, following a week of near-panic in the oil market. Brent crude, the global benchmark, plunged 6.1% to a one-year low of $58.80/bbl on Friday, down 22% this month on growing concerns the world is oversupplied. West Texas Intermediate, the U.S. benchmark, fell close to $50/bbl.

“OPEC has always defended balanced prices,” Lourenco said at a press conference in Lisbon at the end of a three-day visit to Portugal. Still, it’s “unrealistic” to expect prices to rise much higher than $100/bbl and if that was to happen, it could “complicate the balance between sellers and consumers,” he said.

The Organization of Petroleum Exporting Countries is set to meet on Dec. 6 in Vienna. Angola, which joined the cartel in 2007, is Africa’s second-biggest oil producer and depends on crude shipments for more than 90% of its exports. Lourenco declined to comment on an adequate price of oil for Angola.

Source: World Oil