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Iraq preparing to return to OPEC quota system

: Thursday, January 30 - 2014 @ 08:56

Dr Hussain Al Shahristani, Iraq’s deputy prime minister for energy, has said the country is in the process of preparing the ground for a return to OPEC’s quota system, Financial Times has reported. “Discussions would have to be held at OPEC when we reach four to five million barrels of production capacity,” he said. “We are preparing a proposal for calculating quotas for OPEC members and criteria to be used for that.” Iraq is expected to be one of the largest sources of supply growth in the oil market over the next decade.

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Thursday, January 30- 2014 @ 8:56 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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