The current state of the world's oil market does not necessitate an increase in crude output, Iraqi Oil Minister Amer Rashid said today.
"In our minds, the market does not currently need an increase" in oil production, Mr Rashid told journalists after a ceremony marking the 30th anniversary of the nationalisation of Iraq's oil sector.
Mr Rashid added that OPEC will decide at its meeting on June 26th in Vienna to maintain production at current levels.
OPEC slashed production by 1.5 million barrels per day from January for a period of six months, under an agreement with leading non-OPEC oil exporters to haul prices out of a steep post-September 11th slump.
But the 11-member cartel is under pressure from consumer countries to increase output amid concern that high oil prices could hinder the recovery of the global economy.
Iraq, under a crippling UN sanctions regime since invading Kuwait in 1990, is not included in OPEC's quota system.
AFP
