Iraq: OPEC Hike Would Not Ease Oil Price

More oil from Saudi Arabia or other OPEC producers would not ease high global oil prices because they are the result of market speculation, Iraqi Oil Minister Hussain al-Shahristani told Reuters on Thursday.

"We believe that OPEC boosting oil output would not tackle the problem of the rise of oil prices," he said in an interview.

Leading exporter Saudi Arabia has summoned consumer nations and fellow producers to an urgently convened meeting to discuss oil prices it says are unjustifiably high.

"Even if Saudi Arabia raises production this will not influence the market," said Shahristani.

Speaking to Reuters on a flight to Jordan for a state visit led by Iraqi Prime Minister Nuri al-Maliki, he said Baghdad would consider attending the June 22 meeting in the Saudi city of Jeddah once an invitation is extended.

"OPEC is not controlling global oil prices now. Futures market speculators are the ones who are behind the hike in prices," said Shahristani.