BAGHDAD / NINA / The economic researcher , vice President of Economic Media Center Malath al-Amin confirmed that raising the production ceiling for Iraqi oil outside OPEC will lead to a reduction to the oil price. "
He told the National Iraqi News Agency / NINA / that "Iraq was prevented, for many years, since 1991 to 2003, to increase its productive in OPEC as it was under Chapter VII , stressing that lifting Iraq out from Chapter VII attracted investment companies in Iraq , which led to increase its oil production . "
He added that Iraq has the right to raise its production ceiling after Saudi Arabia and Iran made up its share in OPEC , but the increase in production will lead to repercussions on the price of oil . "
He explained , "The OPEC Organization is responsible for the planning of production in the oil-producing in order to maintain the price of oil , but Iraq is in a case of development and construction of the structure of the oil sector ."
The Minister of Oil Abdul -Karim Layabi announced that Iraq intends to increase its oil production more than two and a half million barrels of crude oil per day next year . / End
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