UPDATE: OPEC El-Badri: No Need For Iraq Quota For Next 5 Years

Iraq may not need a quota with the Organization of Petroleum Exporting Countries for five years, OPEC's secretary general said Monday.

"When they reach the point to be accommodated, maybe that will not be before five years from now," Abdalla Salem el-Badri said at an industry event.

Iraq aims to lift its oil-production capacity to 12 million barrels a day in the next six or seven years.

But el-Badri said that, although he doesn't doubt Iraq's ability to reach its target, it "will take some time."

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