Iraq wants OPEC to cut oil output

Iraq has called for a larger cut in OPEC production, seeking an output drop of three million barrels per day (bpd) from current…

Iraq has called for a larger cut in OPEC production, seeking an output drop of three million barrels per day (bpd) from current levels by the end of March, following a two million bpd reduction planned for next week.

"The coming OPEC meeting is called upon to lower production by around two million bpd and to follow on with another one million bpd cut at its next meeting in March," Oil Minister Amer Rashid told the Qatari satellite TV channel Al-Jazira.

Rashid insisted that OPEC must decide at its Vienna meeting next Wednesday on "an immediate reduction of two million bpd" rather than split the cut into two phases.

Shakib Khelil, who is the president of OPEC has said the oil cartel is expected to decide to cut output by between 1.5 and 2 million bpd in Vienna.

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"Qatar's energy minister is talking of two million barrels and the Saudi (oil) minister of 1.5 million barrels. There is agreement that the cut will be between these two figures," Khelil told the London-based Arab newspaper Al-Hayat.

Khelil said the Vienna meeting would also decide on when the production cut is to take effect and for how long.

Most members of OPEC (the Organisation of Petroleum Exporting Countries) have called for a decrease in oil production to offset lower prices as spring approaches in the northern hemisphere.

Rashid, whose sanctions-hit country is an OPEC member but exempted from the cartel's quota system, has warned that the current Gulf tour by US Energy Secretary Bill Richardson was aimed at weakening the consensus to lower production.

Richardson started his tour with talks in Riyadh on Saturday.

AFP