14 Dec '11, 4pm

#OPEC picks #Iraq to be president in 2012: @AFP #oil

Topics: Economy Government and Policy International Commodities On Wednesday 14 December 2011, 23:56 SGT OPEC said on Wednesday that its member countries had chosen Iraq to be its president in 2012, taking over from Iran at the head of the cartel. "The conference elected Abdelkarim al-Luaybi, minister of oil of Iraq and head of its delegation, as president of the conference for one year, with effect from 1 January 2012," OPEC said in a communique after its latest output meeting. Iraq, which is excluded from OPEC's oil output quota system because of the country's unrest, is looking to dramatically ramp up production, with oil sales accounting for the vast majority of its government revenues. Iraq's exclusion from the quotas should not pose a problem during its role as president, since OPEC on Wednesday decided to apply a total production ceiling rather than ask its members ...

Full article: http://sg.finance.yahoo.com/news/OPEC-picks-Iraq-presiden...

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