Iraq says it will help meet world oil demand

Published: Sep 16,2010 08:48:27


Iraq's oil minister says new production from the country will help the world meet growing demand for oil.


Hussain al-Shahristani also said Wednesday that Iraq was committed to working with OPEC to keep prices steady. The comments appear aimed at allaying worries that new Iraqi output will flood the market and pressure prices.


Al-Shahristani spoke during an anniversary celebration of the Organization of the Petroleum Exporting Countries founding in Baghdad 50 years ago,


Iraq says it expects its crude output to climb as high as 12 million barrels per day by 2017 after it held two licensing rounds last year that opened some of its biggest fields to foreign oil companies.


Iraq, a founding member of OPEC, is presently not included the producer group's output quotas. - Sapa


Source:Business Report


Prev ↑ Endeavour debentures convert, now debt-free

Next ↓ MWEB digs deep for IPC capacity to improve latency