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OPEC does not need to adjust output: Iraq

VIENNA
Wed Mar 5, 2008 5:26am EST
Iraqi Oil Minister Hussain al-Shahristani arrives in the OPEC headquarters for a meeting of OPEC oil ministers in Vienna February 1, 2008. REUTERS/Heinz-Peter Bader

VIENNA (Reuters) - OPEC does not need to change its oil output when it meets later on Wednesday, Iraqi Oil Minister Hussain al-Shahristani told reporters.

"There does not seem to be a need to revise the current production levels, so I think we'll keep the same level," Shahristani said.

Iraq's output is not bound by the group's production targets.

He said Iraq was exporting 2 million barrels per day of crude from production of 2.5 million bpd.

The country is close to finishing negotiations with oil majors for technical support contracts to help tap its oilfields.

Sharistani reiterated comments made last week that he hoped they would be completed this month, but said there was one small point still being negotiated.


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