OPEC Again Excludes Iraq from Oil Quotas

Decades of war and international sanctions have greatly hindered Iraq’s oil production potential, an issue the current government is struggling to address.
An employee of the state-run South Oil Company (SOC) walks near a new oil storage tank near the southern city of Basra January 14, 2013. The head of the state-run South Oil Company said the new facility will add a capacity of one million barrels to the existing 5.5 million barrels available. REUTERS/Atef Hassan (IRAQ - Tags: ENERGY) - RTR3CG6E
An employee of the state-run South Oil Company (SOC) walks by a new oil storage tank near the southern city of Basra, Jan. 14, 2013. - REUTERS/Atef Hassan
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Omar al-Shaher
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The Iraqi Ministry of Oil affirmed that Baghdad’s share in oil production will not be part of the OPEC specified quotas for 2014. The ministry said it was likely for Iraq to reach the required export rate in the next year.

Iraq is one of the founders of OPEC, an organization that brings together 12 oil exporting countries. Iraq's production quota — which was 3.8 million barrels a day — was suspended during the invasion of Kuwait as part of imposed international sanctions.

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