US Wants Iraq To Quit Opec

Washington, May 17: | Updated: May 18 2003, 05:30am hrs
A top American official has said Iraq may best be served by exporting as much oil as it can and disregarding quotas set by the Organisation of Petroleum Exporting Countries.

Iraq has had an irregular participation in the Opec quota systems. They have from time to time, because of compelling national interest, elected to opt out of the quota system and pursue their own path. They may elect to do the same thing, US executive to advise Iraqs ministry of oil, Philip J Carroll, said.

The Saddam government had an official policy of steering contracts for drilling services, joint production and machinery to companies based in France, Russia and China, whose governments tended to be more supportive of Iraq in the UN Security Council.

Though Carroll did not single out any potentially imperilled contracts, he said the old system of preferential treatment ended with the demise of the Hussein regime.

PTI