Iraq calls for one million bpd cut in oil production
Iraqi Oil Minister Amer Rashid called Friday for OPEC to cut oil production by another one million barrels per day (bpd), saying the agreement on a 1.5 million bpd cut in Vienna Wednesday did not go far enough.
"Our position on a supplementary reduction of OPEC production by one million bpd is still the same," Rashid told Iraqi television.
"Without the reduction of 1.5 million bpd decided two days ago and without another reduction of one million bpd in March, prices will continue to drop," he said.
Rashid had called for a decrease in production by three million bpd before the Organization of Petroleum Exporting Countries (OPEC) at the Vienna meeting.
The oil cartel decided Wednesday to slash output by 1.5 million bpd down to 25.2 million bpd starting February 1. Oil producers were worried about a drop in prices with the coming of spring in the northern hemisphere.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)