Iraq: OPEC Should Reduce Output Up Two Million Barrels
Oil cartel OPEC should reduce production by between 1.5 million and 2 million barrels per day (bpd) when it meets next week and shun U.S. calls for a smaller cut, Iraqi Oil Minister Amir Muhammed Rasheed told Reuters. "What we are trying in the meeting of 17th of January in Vienna is to reduce production so that we get back to the balance between supply and demand. And we think something like 1.5 to 2 million barrels a day would be a good figure," Rasheed said. "We are not in any way affecting the world economy or trying to create a recession; rather, we want to defend normal, fair prices," Rasheed said from Baghdad. The minister criticized U.S.
Iraq: Oil Prices Not Too High Yet
Iraqi Oil Minister Amir Muhammed Rasheed said that oil prices were not too high and accused the United States of overreacting to the rally. Rasheed also said that Iraq might further reduce its oil exports if spare parts bought under its oil-for-food deal remained in hold. "We think prices now are not too high," Rasheed said. "The prices should be normally around $25 to $27 and I am talking about OPEC oil basket prices. We are surprised by the overreaction of the administration in the United States to the prices. We see in this respect still a double-standard," he said. The OPEC basket price of seven crudes has averaged $25.40 a barrel so far this year with last week's average at $27.30. Rasheed said Iraq had to reduce its oil exports, "from mid- December ...
