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OPEC and non-OPEC Must Act Together to Halt the Oil Slump, Iraq Official Says

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Iraq still plans to increase its production to 6 million barrels per day by 2020

Members of the Organization of the Petroleum Exporting Countries and producers outside the group should act promptly to rebalance crude oil markets or the damage could be deeper and take time to be fixed, Iraq’s governor to OPEC said Wednesday.MW-CW449_iraq_o_20141015103851_ZH

OPEC has [been] recently focusing on market share rather than defending the price, and this gave the organization the big role in reshaping the structure of the global oil and gas industry,” Faleh al-Amri said at an energy conference in Abu Dhabi.

Amri, who is also the head of the State Oil Marketing Organization, said that sagging oil prices CLJ6, +0.76%  and recent volatility weren’t related to Iraq’s oil production, which has been growing at a steady pace and will continue to do so in the future.

“Our production does not have any serious effect on the price of oil. Demand on Iraqi oil is far more than Iraqi current production,” he said.

Iraq, however, is ready to cooperate in close consultation with all producers in OPEC and outside the group to maintain stability in the market and achieve a fair price, but the country will also try to maintain its share of global markets through “fair and reasonably flexible marketing policies,” Amri said.

Iraq does not want to flood the market,” Amri said, adding that the country is still planning to increase its production to 6 million barrels a day by 2020 but will do it steadily.

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