Iraq’s oil minister, Hussain al-Shahristani, has said Baghdad will consider applying OPEC quotas once its crude oil production reaches at least 4 million barrels a day in two to three years, according to an Associated Press report.

He says there is no rush to discuss quotas with other members of the Organization of the Petroleum Exporting Countries while Iraq’s production level remains at the current 2.5 million barrels a day, al-Shahristani said in an interview with The Associated Press on Sunday.

He also said the price of oil, currently between $70 and $75 a barrel, “seems to be fair for both the consumers and the producers.”

The statements re-affirm the Minister’s previously-stated position on production quotas.