Iraq Targets 12 Million Barrels a Day, Defers OPEC Quota Limits

Iraq expects to produce 12 million barrels of oil a day within seven years and won’t even discuss OPEC quotas until 2012 as output accelerates after years of conflict, the country’s oil minister said.

“We are not discussing any quota for Iraq before our production increases significantly,” Iraqi Oil Minister Hussain al-Shahristani told reporters today in Vienna. The quota discussions won’t start before Iraq’s production reaches 4 million barrels a day, probably in about two years, he said. “OPEC obviously has to accommodate Iraq’s increased production.”

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