Iraq Says OPEC Seeking World Oil Price Balance

Source: Reuters 4/9/2012, Location: Middle East

OPEC is seeking a balance in world oil prices, but political instability rather than production issues are affecting the market price, Iraq's oil minister Abdul Kareem Luaibi said.

"OPEC is still doing its best to produce enough crude to meet demand but political issues are affecting prices. World prices are affected more by political instability than by production issues," he told reporters.

Luaibi said he expected Iraq's oil exports to be at 2.3 million barrels per day or slightly more in April.

He said Iraq's government was still studying whether to allow Exxon Mobil to take part in a 4th oil bidding round due to a dispute over contracts it signed with Iraqi Kurdistan.


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