In a statement OPEC said, “Several members, including Algeria, Nigeria, Libya and Iran, have said they want a bigger share of the total production target to reflect their bigger output. The OPEC quota is 26 million barrels a day. Actual production from the members is closer to 30 million bpd.”

“The board is also looking at returning Iraq to the quota system. Iraq has been exempt since the first Gulf War when its production was overseen by the U.N. as part of an aid program using oil revenue to buy food [but] Iraqi production now lags far below its full capacity because of sabotage and looting.

“The governors are also reviewing current oil market conditions [and] the board could forward its recommendation onto the ministers who will be meeting on September 15 in Vienna to review output policy,” added the cartel.