The Organization of Petroleum Exporting Countries is not planning to abolish restrictive quotas on oil production and export, even if oil exports from Iraq cease. This was stated by a high-ranking source inside OPEC.
Thus, he denied rumors that at the next OPEC conference to be held in March, a decision could be taken to abolish quotas in the event of a war in Iraq and then restore the quota regulation mechanism after the end of hostilities when the situation on the world market calms down.
Abdullah Bin Hamad Al-Attiyah, Minister of Energy, Industry, Electrification and Water Resources of Qatar, confirmed that OPEC does not plan to hold any emergency meetings before the March session.
According to the latest data distributed through OPEC information channels, Iraq’s oil exports under the UN Oil-for-Food program fell by the end of the first week of February from 2.17 million barrels to 1.7 million barrels per day.
The cost of OPEC oil on Monday fell to $ 31.90 a barrel, whereas on Friday one barrel of oil from the OPEC «basket» was worth $ 32.33.