Abu Dhabi:Current crude oil prices are acceptable for both producers and consumers and Opec member Iraq does not see a need to adjust its production levels to help maintain current prices, the country’s oil minister said on Sunday, echoing comments by Saudi Arabia and the UAE.
“For us [the price] is acceptable and it’s now... still acceptable for all-the producers and the other side,” federal oil minister Abdul Kareem Luaiby told Zawya Dow Jones on the sidelines of an industry event here.
“Now there is a balance in the market. That’s why the price is steady.”
Asked if the country needed to adjust its production to maintain the current prices, he said: “From Iraq? No.”
Luaiby’s comments echo remarks made by Saudi Arabia’s oil minister Ali al Naimi and UAE energy minister Mohammad Al Hamli who said earlier on Sunday that the crude oil markets are balanced and prices are stable.
Iraq is currently producing about 3.2-3.25 million barrels per day and could hike its output to 3.4 million barrels per day by early next year, and 3.5 million barrels per day by the end of 2013, Luaiby said.
About 100,000 barrels per day will come from Majnoon oilfield, while the rest will come from Rumaila and other fields, he said.
Iraq is the only member of the Organisation of Petroleum Exporting Countries exempt from output quotas. It relies on crude revenues to rebuild its economy after years of war and economic sanctions.
Luaiby said that he doesn’t expect Opec to discuss bringing Iraq under the quota system in the upcoming Opec meeting in Vienna next month.
