Iraq to Urge OPEC to Maintain Current Oil Output Level

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Last updated at: (Beijing Time) Sunday, June 23, 2002

Iraq to Urge OPEC to Maintain Current Oil Output Level

Iraq will demand the Organization of Petroleum Exporting Countries (OPEC) to maintain the current level of oil production at its upcoming extraordinary meeting, an Iraqi oil expert said on Saturday.

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Iraq will demand the Organization of Petroleum Exporting Countries (OPEC) to maintain the current level of oil production at its upcoming extraordinary meeting, an Iraqi oil expert said on Saturday.

The unidentified expert told the official Iraqi News Agency (INA) that a high-level Iraqi delegation, which will attend the meeting in Vienna on June 26, would warn the oil cartel of the risks of price hikes in case of increasing oil output.

Iraqi Oil Minister Amer Muhammad Rashid has said that Iraq was opposed to any oil output increase and would urge the oil cartel tostick to its current oil production level at the June 26 meeting.

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.

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