OPEC must maintain output: Iraq

OPEC must maintain output: Iraq

BAGHDAD: Iraq will ask OPEC to maintain crude production
ceilings when the cartel's oil ministers meet in Vienna on June
26, the official INA news agency reported Saturday.

The Iraqi delegation to Vienna "will warn against any rise in
production because that will increase pressure on prices," INA
said.

The agency said crude prices had already "reached their
minimum ceiling" of the US$22-28 price mechanism adopted by OPEC
to regulate output.

With prices weakening, OPEC ministers have all but ruled out
any increase in oil output at Wednesday's meeting.

The Organization of Petroleum Exporting Countries slashed
output last year to rescue prices from a post-Sept. 11 slump
below $17 a barrel.

OPEC has said it might boost oil output later this year if
Iraq was forced to reduce exports because of a stricter pricing
policy introduced under the UN sanctions regime against Baghdad.
-- AFP