Iraqi Dinar – Dinar

Iraqi integration into OPEC quota system

February 4, 2010

Iraqi oil production has been steadily increasing over the past several years and is expected to continue increasing in the years to come as Iraq continues to rebuild into an economically prosperous country. Iraq will not accept being constrained by an OPEC quota system before it reaches an oil production of 4.5 million barrels per day (bpd), the country’s representative in the organization said, adding that several criteria will determine Iraq’s integration into the system.

“The talk about Iraq’s integration into the OPEC’s quota system is too premature. Iraq must reach an oil production of 4.5 million bpd before it joins the system. This will take nearly four years…,” Fallah al-Aameri, who is also the director of the State Oil Marketing Organization (SOMO), told Aswat al-Iraq news agency. OPEC member states will consider several criteria, including Iraq’s oil reserves and its need for reconstruction, before setting Iraq’s quota for exporting oil, he added.

Source: Aswat Al Iraq