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Iraqi plan to boost oil production sets up OPEC quota tussle

Posted on 31 May 2013

Iraq is due to start pumping crude from two of its largest oil fields within weeks, creating a possible obstacle to future efforts by OPEC to curb supplies in the event of a drop in prices. The Gulf state plans to start production at Majnoon within days, followed by Gharraf in July and West Qurna-2 by year-end, lifting capacity by 400,000 barrels a day, Oil Minister Abdul Kareem al-Luaibi told reporters in Vienna today before an Organization of Petroleum Exporting Countries meeting tomorrow.
The nation, OPEC’s biggest producer after Saudi Arabia, currently pumps 3.125 million barrels a day, he said, without specifying output capacity………………………………………..Full Article: Source


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