By Henrique Almeida

In his first interview since assuming the post at the start of the month, Botelho de Vasconcelos also said the Organization of the Petroleum Exporting Countries was unlikely to meet before its scheduled gathering in Vienna on March 15.

"In March we will meet to evaluate the cuts agreed in December," said Vasconcelos, who is also Angolan oil minister.

"But I think that if all the cuts are carried out within the established timeframe, there will be an impact in the market that will lead to a positive trend in terms of oil prices."

Vasconcelos said oil had the potential to recover to $75 during 2009. U.S. crude has plunged more than $110 from a record high near $150 a barrel reached in the summer as the global economic slowdown eroded demand.

"I wouldn't say prices are stabilizing, but the variation between the maximum and minimum price (of about $40-$50 for Brent) throughout the past month does not give any indication that an extraordinary meeting should be held," he added.

CARRYING OUT CUTS

OPEC, which pumps about a third of the world's oil, agreed last month to cut its output by 2.2 million barrels per day (bpd) from January 1 in a race to balance supply with rapidly declining demand for fuel.

"I believe all the cuts are being carried out although not all countries can comply with the agreed cuts on day one," said the OPEC chief.

Angola, which joined OPEC in 2007, has done its part.

"We are working to comply with the agreed cuts," said Vasconcelos. "As you know Angola is a country that is going through a national reconstruction. Oil revenues have an extremely important contribution to our development."

Reuters reported last week that Angola was set to export 1.5 million bpd of crude in March, down from 1.6 million bpd in February due to shipment delays and OPEC supply cuts.

The African producer's implied OPEC target from January 1 is 1.52 million bpd.

Angola's government is relying on an oil price above $55 a barrel to carry out a record $42 billion spending plan in 2009.

The plan is aimed mostly at improving the lives of ordinary Angolans, most of whom live on less than $2 a day.

Angola emerged from nearly three decades of civil war as one of the world's fastest growing economies due to surging oil output.

(Reporting by Henrique Almeida; Editing by Peg Mackey/Alex Lawler)