OPEC Suspends Production Quotas

OPEC announced that it was suspending its production quotas to make up for any shortfalls resulting from the war in Iraq. OPEC president and Qatar Energy Minister Abdullah al-Attiyah said in a statement released Thursday that OPEC had called on its members to take full advantage of their crude-extracting capacities beyond each nation's established quotas.

The decision to suspend production quotas was aimed at maintaining world oil supplies and prices while Iraqi crude exports ceased during the U.S. invasion of Iraq. Iraq produces approximately 2 million barrels per day.