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OPEC says ‘no problem’ with more oil from Iran, Iraq, Libya

: Thursday, April 10 - 2014 @ 10:50

Abdalla El-Badri, secretary-general of the Organization of Petroleum Exporting Countries has said the group will accommodate additional output from members Iraq, Iran and Libya, said, Bloomberg has reported. OPEC, which supplies 40% of the world’s oil, will wait until 2015 to discuss output targets with Iraq, which currently operates outside the production-quota system for each of the group’s other 11 member countries, El-Badri told reporters in Doha. “There is no problem for OPEC to absorb any production increment from Iraq and Iran in 2014,” El-Badri said. “When Libya output comes back, we will accommodate it because its production is in our numbers.”

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Thursday, April 10- 2014 @ 10:50 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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