Iraq Resists Joining OPEC Production Cut

By John Lee.

Reuters reports that oil prices came under pressure on Monday as Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said Baghdad wants to be exempt from any production cut the Organization of the Petroleum Exporting Countries (OPEC) is aiming to achieve.

Falah al-Amiri, head of the State Oil Marketing Organization (SOMO) added that Iraq's market share had been compromised by the wars it has fought since the 1980s.

"We should be producing 9 million (barrels per day) if it wasn't for the wars," he said.

(Source: Reuters)

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