The plans by Angola, Sudan and Ecuador to join the Organization of Petroleum Exporting Countries could slow investment by Western oil companies in the three countries, The Wall Street Journal reported on Friday.

"Our main concern would be the impact this could have on investment flows into the upstream sectors of those countries," David Fyfe, an analyst with the International Energy Agency was quoted as saying.

OPEC controls more than a third of world oil supply and sets production quotas among its members to influence world petroleum prices. While the mechanism depends upon the country, Western oil companies doing business in OPEC nations can be subject to supply cuts, said the report.

The IEA has identified Angola -- a major oil supplier to the United States and China -- as one of the top growth areas outside OPEC. Angola, like Sudan, has relied heavily on foreign oil investment to develop the sector.

OPEC Secretary-General Mohammed Barkindo confirmed Angola is poised to join the oil-producer group and Sudan was moving closer but said there was no formal time frame for the two countries to join. Venezuela, one of five founding OPEC nations that must approve new members, pledged its support to Angola's effort to join.

Ecuador's newly elected president, Rafael Correa, has raised the possibility his country would rejoin the group. The South American nation left the cartel in 1992, and in the past OPEC has said it owes 4.2 million dollars in back dues.

Fyfe said while new members would significantly boost OPEC's influence over global oil markets, it also could complicate the group's market management. "Exercising control over individual production levels might become more difficult," he said.

Source: Xinhua