IRAQ CAN MEET WORLD OIL DEMAND, SAY MINISTER

KUALA LUMPUR, June 7 (Bernama) -- Iraq has the ability to meet global
demand for crude oil, says its Minister of Oil, Dr Hussain Al-Shahristani.

"Iraq is going to produce what is needed by the market. We (Iraq) are not
going to flood the market and influence the price in any negative way," he told
a press conference, held on the sidelines of the 15th Asia Oil and Gas
Conference, here Monday.

"Our projection for the coming two decades is that, the world would be
requiring additional oil. There is no other source that can replace oil in
any significant way," he said.

According to Al-Shahristani, there is not much oil available in the other
parts of the world.

"So, we think any additional demand for oil, particularly from Asian
markets, will be met by Iraq," he said.

Iraq's current projection for oil production is about 2.5 million barrels
per day.

The country expects to add another 150,000 barrels per day by the end of
this year and another 200,000 to 250,000 barrels daily in 2011.

Al-Shahristani said Iraq would open another bid for a major gas exploration
project in September.
-- BERNAMA