opec wants us$70 oil ...

Iraqi oil minister says OPEC likely to cut production

BAGHDAD, Feb. 7 (Xinhua) -- OPEC members are expected to decide to cut oil production in March in an attempt to raise oil price to70 U.S. dollars a barrel, Iraqi Oil Minister said on Saturday.

"OPEC members will meet in March, and there is an intention to decide further cut to raise prices," Hussein al-Shahristani told reporters at a symposium on oil and gas industry development.

"We expect a cut that the crude prices will be more than 70 dollars a barrel," Shahristani said in Baghdad's Rasheed Hotel.

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http://news.xinhuanet.com/english/2009-02/07/content_10779850.htm