TEHRAN (FNA)- Iraq was elected as new president of the Organization of Petroleum Exporting Countries on Wednesday. 16:35 | 2011-12-14
Oil ministers of the producing countries arrived in Vienna this week for their 160th meeting today, when they decided output levels for the first half of 2012.
During the opening session, Iran proposed the member states to choose Iraq as the next rotating president of the oil cartel, which was welcomed by the participants.
Iraq was OPEC's vice-president during Iran's term. Iran's presidency ended in December. Also during the meeting, Kuwaiti oil minister was elected as the vice-president of the organization.
Later in the meeting, OPEC members, including Iran and Saudi Arabia, agreed that the group should set a production ceiling of 30 million barrels a day. The group's 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.