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.

A petrol station in front of the OPEC headquarters is pictured in Vienna October 24, 2008.

“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.

However, Shahristani said that the raise of the oil price will be achieved gradually and not necessary in the coming months.

Shahristani also criticized the red tape in Iraq, blaming it for the delay of efforts to boost the country’s oil production.

He also hoped that Iraq could rapidly achieves oil sector reconstruction and to form a national oil company, which can conclude oil deals without waiting for cabinet approval.

Iraq is a member of the Organization of Petroleum Exporting Countries (OPEC). The organization is not bounding Iraq by its production quotas because of the country’s dilapidated oil infrastructure.

Iraq oil reserve is reportedly to be the world’s third-largest, which needs billions of dollars investment to overhaul its oil industry infrastructure and increase oil and gas output after decades of wars and sanctions.

VietNamNet/Xinhuanet