Iraq does not plan for a third oil round
From Angola Iraq has no plans for a third oil auction, Oil Minister Hussain al-Shahristani said on Sunday pointing that a price of around $70 was reasonable even for producers with high production costs. Ahead of OPEC meeting in the Angolan Capital Luanda, Shahristani said that OPEC crude producers' cartel was not likely to discuss setting production quotas before 2011. Iraqi Oil Minister Hussein al-Shahristani told reporters on Sunday he did not expect to tackle the question of production allowances for Iraq, but stressed its special situation as a country recovering from war. "Countries' needs for reconstruction should be one of the top criteria in addition to countries' capacities of production," Shahristani added. "In the case of Iraq we have been deprived of the fair share of the world market and this should be taken into account", Iraq Oil Minister said.
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