Iraq Targets 4.75-5m bpd Oil Output

By John Lee.

Oil Minister Jabar Ali al-Luaibi (Allibi) said on Thursday that while Iraq will support a production ceiling next week at an informal meeting of oil producers in Algeria, it aims to defend its share of output of between 4.75 million and 5 million barrels of oil per day.

Producers are expected to agree to freeze production for the first time in eight years.

Iraq's OPEC governor, Falah Alamri, said Baghdad would support a freeze: "We are not intending to flood the market, we are intending to support the market ... we will not participate in any action that will reduce the price."

(Source: Reuters)

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