Iraq Opposes OPEC Oil Output Hike

Home>>World

Last updated at: (Beijing Time) Wednesday, June 12, 2002

Iraq Opposes OPEC Oil Output Hike

DISCUSSION

CHINESE

SEND TO FRIEND

Iraqi Oil Minister Amir Muhammad Rashid has said that Iraq is opposed to any oil output increase by the Organization of Petroleum Exporting Countries (OPEC) at the upcoming extraordinary meeting in Vienna on June 26, the official Iraqi News Agency (INA) reported on Tuesday.

"Iraq sees that the current oil market is not in need of any crude production increase," Rashid was quoted as saying.

Iraq will urge the oil-cartel to stick to its current oil production levels, Rashid said.

OPEC slashed its oil production by 3.5 million barrels per day (bpd) last year to halt the slump of oil prices, which fell to as low as 20 U.S. dollars a barrel after last year's September 11 terror attacks on the United States.

Iraq has repeatedly appealed to the OPEC to lower production to protect the interests of oil-producing countries.

Iraq, under stringent United Nations sanctions for its 1990 invasion of Kuwait, is not part of the OPEC quota system.

It is allowed, under the U.N. oil-for-food program launched since 1996, to export oil and use part of the revenues to import food, medicine and other essentials to offset the impact of the sanctions.

Questions?Comments? Click here

OPEC: Global Oil Demand to Rise to 81 Mln Barrels Per Day in 2005

China Getting Better Through Matches ( 2 Messages)

China Hopes Japan Will Keep Commitment to Non-nuclear Principles ( 45 Messages)

China's Economy will be World's Second-largest by 2030: Report ( 31 Messages)

Taiwan Media Reveals US Submarine Sale to Taiwan ( 4 Messages)

US Taiwan Acts Jeopardize Sino-US Ties: Analysis ( 107 Messages)