OPEC Takes Over the Control Of Iraq

OPEC president Purnomo Yusgiantoro announced today that the cartel will apply its oil output quotas to Iraq when its oil production reaches the level of 3 million barrels a day.
According to his statement, "the cartel?s management should be flexible and not to insist on immediate putting the quota system in Iraqi oil production. It is necessary to wait for Iraq?s full oil industry recovery, he said.
As the Iraqi Oil Minister, Tamir Gadban said, ?it would be preferable to resume our oil industry after the power handover, however, it is impossible. This year we must gain export revenues about $16 billion.