OPEC increases Iraq's Oil Quota

By John Lee.

OPEC has reportedly agreed to increase Iraq's oil production to 4.5 million barrels per day (bpd) in June.

The state-controlled Iraqi News Agency (INA) quotes Iraq's representative to OPEC, Muhammad Saadoun, as saying that oil production will then increase by 50,000 bpd each month from July to September.

He also predicted anĀ  average oil price in excess of $100 per barrel until the third quarter of this year.

(Source: INA)

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