Opec to negotiate Iraq production-quota status next year

Opec to negotiate Iraq production-quota status next year
March 1, 2010 · Posted in NEWS
OPEC’S secretary-general, Abdalla El-Badri, says negotiations between the group and Iraq about bringing the country back into the organisation oil-production quota system could take place next year.

“Opec should be thinking about Iraq and be ready for them,” he said in an interview with Petroleum Economist. He added that an Iraqi production figure of 4m-5m barrels a day (b/d) within four or five years would be “meaningful”.

The head of Iraq’s State Oil Marketing Organisation has indicated that a similar production figure, of 4.5m b/d, would be necessary before Iraq began discussions with Opec over a new quota.

Iraq has spent recent months negotiating contracts with a host of foreign companies to develop its oilfields. Its oil minister, Hussein al-Shahristani, has said production capacity could soon rival Saudi Arabia’s, reaching 12m b/d by 2015.