Iraqi Oil Minister Amer Rashid called Saturday, November 10 for an immediate 1.5 million barrel per day (bpd) reduction in the Organization of Petroleum Exporting Countries' (OPEC) production to halt the slump in the price of crude.
"We hope that during its next meeting, OPEC will make the radical decision of cutting the cartel's production, and that this cut will not be lower than 1.5 million bpd," Rashid told Iraqi satellite television. He added, "there was an agreement to that effect among most member countries."
"Some countries favor a one million bpd cut, while others call for a 2 million bpd reduction. We say: the cut should not be lower than 1.5 million bpd," Rashid said. OPEC's ministerial meeting will be held on November 14 in Vienna.
Iraq is not subject to OPEC's quota system due to the embargo which was slapped on Baghdad following the 1990-91 Gulf crisis. Rashid also accused the United States of "exerting pressure on OPEC or some member countries for them to hike their production in order to finance their aggressive campaign against Afghanistan." — (AFP, Baghdad)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
