Cuts Oil Production Quotas
Melanie Sully
The Organization ofPetroleum Exporting Countries（石油輸出國(guó)組織）on an unexpected decision Wednesday cut oil productionquotas（配額）. The oilcartel（企業(yè)聯(lián)合） also welcomed Iraq back into the fold.
OPEC ministers agreed on a surprise cut in production quotas effective beginning of November, in a move aimed at protecting highcrude prices（原油價(jià)格）. Ten OPEC countries will take 900,000 barrels per day off the market, reducing daily production to about 24.6 million barrels.
The 11th member, Iraq, has not been included in official production quotas since the United Nations imposed sanctions in 1990. But Iraq has returned to take full part in the cartel's meetings.
Iraqi oil minister, Ibrahim Bahr al-Uloum, told reporters in Vienna that Iraq, which is among the founding member countries, will remain a full member of OPEC.
Mr. Bahr al-Uloum, a close ally of U.S., said his country is going through a difficult phase, and has managed to bring oil production to only at about two-thirds of what it was before the war. But he said that exports were rising and full pre-war production could be achieved next year.
"We have hopes and faith in our people and we believe we shall pass through this turbulent quarter to reach our final destination of a free and democratic Iraq. We are planning to use our oil wealth in the most useful way for the welfare of our people and country."
Mr. al-Uloum said Iraq plans to increase oil production to almost four million barrels per day by the end of 2005 and to six million by the end of the decade.
Current production is running at about a million barrels per day. The Iraqi oil chief said about billion in investment would be necessary to rebuild existing oil fields suffering from wars, sanctions, looting, and sabotage.
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