OPEC Iraq's re-entry expected to have little policy effect

LONDON (AP) -- Iraq's long-awaited return to the OPEC fold may dominate headlines when the cartel meets this week, but it probably won't have much impact when the organization sets output policy for the next few months.
Sabotage of Iraq's oil pipelines continues to crimp its exports, and earlier fears that Iraq might quickly restore its prewar output and glut the market with crude have all but disappeared.
With Iraq's recovery taking much longer than expected, several members of the Organization of Petroleum Exporting Countries have said the group should hold production steady for now ahead of the busy winter heating oil season.
OPEC, which supplies about a third of the world's oil, aims to keep the price of its benchmark blend of crudes within a targeted range of $22-$28 a barrel. Although prices were well above this range in August, they slipped $4 a barrel over the last three weeks and stood Friday at $24.90.
The recent price slide could trigger talk of cutting output when OPEC ministers meet Thursday in Vienna.