Iraq Says It Might Cut Oil Output
Iraq’s oil minister was quoted Wednesday as saying his country would reduce its oil output if OPEC accords it a quota equal to Iran’s, the enemy of Baghdad in the Gulf war.
The Gulf News Agency quoted Oil Minister Issam Abdul Rahim as saying Iraq, which is currently producing more than 2.7 million barrels a day, would reject any agreement in December by the Organization of Petroleum Exporting Countries that would set its output level at less than Iran’s 2.369 million barrels per day production.
A barrel is the equivalent of 42 gallons.
Iraq’s current assigned quota is 1.54 million barrels per day, but the nation did not comply, arguing that its quota must be in line with Iran’s as long as their war lasts. The war broke out in 1980.
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