IUWAIT Reuter: Iraqi Oil Minister Qassem Ahmed Taqi predicted in remarks published today that oil prices would reach 17 to 18 dollars a barrel as a result of the OPEC agreement to curb output from next month.
The decision to cut oil production from the start of September will raise prices to between 17 and 18 dollars he told the Kuwaiti Daily al-Anba in Baghdad.
It will also help maintain unity in OPEC (Organization of Petroleum Exporting Countries) he added.
The 13-nation OPEC agreed on August 5 to a production limit of 148 million barrels a day (BPD) in September and October for all members except Iraq which remains free to pump at will. With Baghdad producing at 2.0 million BPD according to Taqi an effective cutback to 16.8 million BPD is envisaged in group output from 20.5 million BPD estimated at the time of the accord
Taqi called the concession to Traq the first positive (OPEC) decision taken in many years a successful political decision supporting the right of Iraq to an increased to an increased share.
Article extracted from this publication >> August 29, 1986
