Iraq Calls for Summit of Oil Producers to Discuss Price Slump

Iraqi Vice President Ayad Allawi called for a meeting of Organization of Petroleum Exporting Countries and producers elsewhere to discuss how to push up oil prices and respond to the rise of shale oil.

“Shale oil and shale gas will have an impact on the future situation in general,” Allawi said in interview at the World Economic Forum in Davos, Switzerland today. “That’s why the time has come for a meeting, possibly a summit meeting, for all producers, OPEC and non OPEC.”

“OPEC should reconsider the situation and enter into dialogue with the states that are outside OPEC so that there can be a unified position in favor of their populations without exception,” he said.

The vice premier said that he expects prices will remain at $40 to $50 a barrel this year, then start rising to between $60 to $70 a barrel next year.

He also said he estimates that oil exports through the northern Kurdish region of Iraq will rise to 400,000 barrels a day this year from current levels of about 150,000 barrels a day.

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